Period End Processing has to be carried out monthly and this process will produce a W1 Return for HMRC PVA VAT statements.

1 What does this option do
- 1.1 What is the W1 Report
2 When should this be run
3 Pre-Requisites
4 How to run the period end
5 Post Submission

What does this option do

This options carries out the processes involved in the production of the end of month routine which will produce the HMRC W1 Report and makes other reports such as the PVA statement available for customers.

What is the W1 Report

This is a balancing report which checks your inbound and outbound movements and compares those to the movement in the stock levels.

It takes the previous months opening stock, adds in all movements inbound, deducts all movements outbound and calculates what the stock should be, and then compares this to what the stock actually is.

Any discrepancies between the calculated stock position and the actual position are then shown.

The actual position is then carried forward.

When should this be run

This should be run within 4 working days of the month end and submitted to HMRC through the ATWD portal or manually

Important Note:
It is important that this process of running the Period end is carried out on the first working day of the month, because if there are any issues then the backup for the month end is readily available.

Pre-Requisites

On the first day of each month at 00:01 we will lock the system and obtain the stock snapshot, this is required for the end of month.

If there is a problem obtaining this information then we leave your system locked as this is an important extract.

If your system is locked and for operational reasons, you need to access the Warehousing system you need to log a support ticket as soon as possible, as we MUST take a stock snapshot and hold it for you to ensure that the monthly return is balanced. After which we can unlock the system. The process of taking this report manually last between 10 and 30 minutes but thereafter you can use the system.

If this is successful (it can take up to 3 hours to run this process) the system unlocks and if it not successful it will remain locked and not allow anybody to access Vision Warehousing.

If you access Vision Bond the following morning one of two things will happen:

We will detect the Stock Snapshot is not in place and we will then try to extract it again
or
We will detect the Stock Snapshot and we will then produce the End of Month Reports.

How to run the period end

When you enter the period end you will only have to enter the site code and hit the process period end option. The production of the reports will take a few minutes and a copy of the W1 report is then sent to your email for checking.

Once you are happy there are no discrepancies you should then transmit this to HMRC through either

Vision Bond ATWD
Manual entry on the HMRC portal
Manual sending through the post to HMRC

Post Submission

Your customers may wish to receive the PVA Period End VAT Statement, this can be run for your customers through the option in the reports menu

Reports | Period End VAT Statement