Tax Summary and VAT Period Summary
See tax collected, tax paid and the net amount due for a period, with a Danish VAT view by quarter.
The Tax Summary adds up the tax you collected on sales and the tax you paid on purchases, so you can see what you owe or can reclaim. Both reports need access to Reports.
Tax Summary
Open Tax Summary under Accounts > Reports.
- Set From and To (they start as 1 January of this year and today).
- Click Run Report.
You see three cards:
- Output Tax (collected on sales)
- Input Tax (paid on purchases)
- Net Payable, which is output tax minus input tax. A negative figure means you have more to reclaim than to pay.
The By Tax Component table breaks that down by component, with Output Tax, Input Tax and Net Payable on each row. A component only appears if it has some tax in the range. The components are whatever your country's tax scheme has: CGST, SGST and IGST for India, VAT for Denmark, State, County and City for the US. If there is no tax in the range the table is empty.
How it is worked out
- Output tax is the net amount credited to each component's tax payable account in the range: invoices add to it, and credit notes and voids take away from it.
- Input tax is the net amount debited to each component's tax receivable account: bills add to it, and debit notes and voids take away.
- Only posted entries dated in the range count, so a late invoice dated in the period shows up the day you post it.
- It follows the tax actually booked, so it also reflects a reverse-charge self-assessment on bills, if a rate was set for that category.
Expenses recorded on the Expenses & Other Income page carry no tax and are not included. See How tax is calculated.
VAT / Moms Period Summary (Denmark)
Open VAT / Moms Period Summary. It is the same figures as the Tax Summary, using Danish terms, for the VAT component only.
- Choose the Period: Calendar quarter or Custom date range.
- For a quarter, enter the Year and pick Q1 (Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec). For a custom range, enter From and To.
- Click Run Report.
The cards read Output VAT (collected on sales), Input VAT (paid on purchases) and Net VAT Payable, which changes to Net VAT Refundable when input VAT is higher. A line under them repeats the dates covered. A company that is not set up for Danish VAT shows zeros.
At the bottom, the OIOUBL / NemHandel Readiness card says whether e-invoice generation is available and whether NemHandel delivery is configured. Legasum can generate an OIOUBL file from any posted invoice (Download OIOUBL on the invoice page), but sending through NemHandel is Not Configured, so you send the file yourself.
Good to know
- These reports are a working figure for your return. Legasum does not file returns, and there is no workflow for correcting a past period's return.
- Branch-restricted roles get a branch-filtered Tax Summary with a notice, but cannot run the VAT / Moms Period Summary, because the return is for the whole VAT registration.
- To stop figures in a filed period from changing, lock the period.
- India: see GST HSN/SAC Summary. United States: see US Sales Tax by Jurisdiction.