How to run VAT 126 in Sage Intacct for Education

VAT 126 is form of reclaiming VAT on Non-Business activities used by Academies and Multi-Academy Trusts.  This can be submitted through the HMRC Gateway, but Finance Teams need a way of calculating this.  ION have developed a way of assisting with this, and this guide will take you through, step by step, on how to run this in Sage Intacct for Education.

How to run VAT 126 in Sage Intacct for Education

1. Go to Applications > VAT 126 and click on Export VAT 126
2. Within here, you have the option to Export VAT 126 Transactions.  To do this, you need to specify the following.
   1. Period - This is the month you wish to run VAT 126 for.
   2. Academic Year - Select the Academic year the you wish to run VAT 126 for.
   3. Click Download when you have entered the relevant criteria.
3. The process will run through, and you will receive the message below.  You can click OK and continue to process in Intacct without impact.
4. To view the report, go to Applications > Company > Setup and then Attachment Folders.
5. In Attachment Folders, you will see a list of folders and one called VAT 126.  Click on the Attachments link within here.
6. In the Attachments, you will see the list of all generated VAT 126 reports, previously generated. To view the report, click View.
7. When viewing, there will be the File attached.  If you click the link, it will download the VAT 126 report, so you can open in Notepad or Excel, and view the report information.
8. You can then view the transactions included, and exclude any that are not applicable.

Following the steps above, you will be able to successfully prepare your VAT 126 information, to be able to submit to HMRC via the HMRC Gateway.  This is currently something that can't be performed in Sage Intacct for Education.

If you do not have VAT 126 in your Sage Intacct for Education environment, or if you have any questions or feedback, please email support@ionhq.co.uk .