Free VAT Transaction Log Template
A ready-to-use Excel and CSV template with every column the Bahamas VAT Act requires — so your records are complete, defensible, and audit-ready from day one.
Free. No email required.
Why proper VAT record-keeping matters
Under the Bahamas VAT Act every registered business must maintain a complete, transaction-level VAT log. The Department of Inland Revenue (DIR) can request these records during an audit, and missing or inconsistent data leads to reassessments, penalties, and disallowed Input Tax credits.
The April 1st, 2026 introduction of zero-rated (0%) and reduced-rate (5%) supplies alongside the existing standard rate (10%) makes classification errors far more costly — a mis-tagged transaction can flip a refund into a liability overnight.
This template gives you the exact column structure that keeps auditors happy and your Input Tax calculations accurate.
Template columns explained
Every column maps directly to a field required by the VAT Act or commonly requested during DIR audits.
| Column | Purpose |
|---|---|
| Transaction Number | Unique ID per transaction (e.g. TXN-001, INV-2026-001). |
| Date | ISO format YYYY-MM-DD (e.g. 2026-04-01). |
| Customer / Supplier TIN | Tax Identification Number of the other party. Required for all B2B transactions. |
| Description | Brief but specific description of the good or service supplied. |
| Category | Internal category (e.g. Sales, Expenses, Overhead, Revenue). |
| VAT Classification | One of: Standard (10%) | ZeroRated (0%) | Exempt | Reduced5 (5%). |
| Net Amount (BSD) | Pre-VAT amount in Bahamian dollars. |
| VAT Rate (%) | Numeric rate applied: 0, 5, or 10. |
| VAT Amount (BSD) | Net Amount × (VAT Rate ÷ 100). Enter 0 for Exempt / ZeroRated. |
| Gross Amount (BSD) | Net Amount + VAT Amount. |
| Direction | Input = purchase (you received an invoice). Output = sale (you issued one). |
How to use this template
Record every transaction
The VAT Act requires a line-by-line record of every supply. Do not aggregate or summarise transactions.
Retain source documents for 7 years
Keep the original invoices and receipts that back up each row. Auditors will ask for them.
Understand Input Tax Apportionment
If your business makes both taxable and exempt supplies, only a proportional share of Input VAT is recoverable. See VAT Act s. 41.
Zero-rated ≠ Exempt
Zero-rated supplies carry no output VAT but your Input VAT on related costs IS recoverable. Exempt supplies earn no output VAT and Input VAT is NOT recoverable.
Step-by-step
- 1 Download the Excel or CSV template above.
- 2 Add a new row for every transaction — sales (Output) and purchases (Input).
- 3
Set the VAT Classification column to one of:
Standard,ZeroRated,Exempt, orReduced5. - 4 Fill in Net Amount, VAT Rate, and let Gross Amount = Net + VAT.
- 5 At month-end, sum Output VAT and Input VAT separately to calculate your net VAT payable (or refund due).
- 6 File your VAT return with the DIR within 21 days of the period end.
Or let Comply track this automatically
CoralLedger’s Comply module auto-classifies every transaction, calculates Input Tax Apportionment, and generates your submission-ready VAT return — so you never need to fill in a spreadsheet again.
Free beta — no credit card required during the March–September 2026 beta period.