VAT periods – tracking, locking, and reporting

The VAT Periods tab is where you manage everything related to VAT reporting. There you can see the status of each period, lock the period's bookkeeping, and mark the return as submitted to the Tax Administration.

Period length

The VAT period can be a month, a quarter (3 months), or a year. You can check your company's reporting period length in OmaVero. You can change the period length and start date on the VAT Periods tab.

Color codes

The status of the period is shown with a color code:

Blue — the VAT period is ongoing, i.e. still in progress.

Yellow — the VAT period has ended but hasn't been reported to the Tax Administration yet. This means the VAT return is still pending.

Green — the VAT period has ended and the return has been submitted to the Tax Administration.

Locking the period

Once the VAT period ends and all transactions for the period have been recorded in the bookkeeping, it's a good idea to lock the period. Locking prevents accidental changes to a period that has already been reported. Transactions from a locked period are shown with a lock icon in the transaction list.

If needed, you can unlock a locked transaction from the three-dot menu in the top right corner of the transaction form.

Marking the period as reported

Once you have submitted the VAT return to the Tax Administration (either in OmaVero or directly from NoCFO), mark the period as reported. This keeps you up to date on which periods have already been taken care of.

Steps of a period

When you open a VAT period, you see its steps in order: Report VAT period, Report EU sales and Lock VAT period. The EU sales step is marked with an EU badge and becomes available only once the VAT return has been submitted. After you have filed the EU sales list (recapitulative statement) in OmaVero, mark it as done in this step. NoCFO does not submit the statement to the Tax Administration for you.