VAT summary

What it is

The VAT summary adds up the VAT you charged on your invoices for a period, less any credit notes. It gives you the output VAT figure you need for your VAT201 return to SARS. It is only useful if your business is registered for VAT.

Why you’d use it

If you are registered for VAT, you must pay SARS the VAT you charged your clients. This is called output VAT. Every VAT period you work it out for your VAT201 return.

The VAT summary adds it up for you. Instead of going through every invoice by hand, you see one figure for the period, with credit notes already taken off.

What you need first

• Invoices with VAT on. Only invoices where you switched on Apply VAT (15%) carry VAT. Invoices without it still show, under No VAT, with no VAT.
• Invoices that have been sent. Drafts and voided invoices are left out.

How to do it

1. On the InvoiceZen tab, tap the settings icon at the top right to open Business Profile.
2. Under Tools, tap Reports, then VAT Summary.
3. Pick a period: This Month, Last Month, This Quarter, Last Quarter or This Year. For your exact VAT period, tap Custom and set a Start Date and End Date.
4. Read the Summary card. Net VAT is your output VAT for the period. Net Excl. VAT and Net Incl. VAT are the amounts before and after VAT.
5. Below it, each VAT rate has its own card. It shows the Invoices, any Credit Notes taken off, and the Net.
6. Tap Share as PDF to send the report to your bookkeeper or keep a copy.

What it costs

Nothing extra. The VAT summary is part of every plan.

Common questions

Which invoices are counted?

Invoices that are sent, viewed, overdue, part paid or paid, with an issue date inside the period. It goes by the date on the invoice, not the date you were paid. Drafts and voided invoices are not counted.

Why is my credit note missing?

A credit note only counts here once you have shared it from the app, with Share Credit Note or WhatsApp. Until then it is a draft, and a draft has not been issued to your client yet. Share it, and it will appear.

Can I file my VAT return straight from this?

No. It is a working figure to help you fill in the VAT201, not the return itself. It also only knows your sales. The VAT you paid on your own purchases (input VAT) is not in InvoiceZen, so you still need to add that. This is not tax advice. If you are unsure, ask your bookkeeper or SARS.

Why does it say “No data for this period”?

There are no sent invoices dated in that period. Check the dates, or try a wider period.