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 View and Download.
2. This will open in a new tab.  This is classed as a Pop-up, so you may receive a message stating you need to allow Pop-ups.  Please see screenshot below.
3. To allow pop-ups, click the icon at the right of your browser and select Allow pop-ups
4. Within here, you can select the following.
   1. The month to run the VAT 126 for.
   2. The Academic year the you wish to run VAT 126 for.
   3. Click View the VAT Transactions to run the VAT 126.
5. The process will run through and you can go back into the Intacct Tab and process as normal while the report is running.
6. When finished, it will display the transactions on screen.  At the top right of the transactions, it will show the value for the VAT total of the transactions.
7. When happy, you can click Download VAT transactions, which will create the export file.  You can process while this is downloading.  When complete, you will receive the message below.
8. To view the export file, go to Applications > Company > Setup and then Attachment Folders.
9. In Attachment Folders, you will see a list of folders and one called VAT 126.  Click on the Attachments link within here.
10. In the Attachments, you will see the list of all generated VAT 126 reports, previously generated. To view the report, click View.
11. When viewing, the file will be 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.
12. 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 .