Getting Started with CoralLedger Comply

Your comprehensive guide to VAT compliance in the Bahamas

This is a quick-reference summary. For the full, up-to-date guide visit the Getting Started guide .

Table of Contents

Quick Start (5 minutes)

Initial Setup

Importing Transactions

VAT Returns

Best Practices

Quick Start (5 Minutes)

Step 1: Complete Your Profile

Navigate to Company Profile and enter your business details:

Business name and TIN

VAT registration number

Business address and contact information

VAT filing frequency (monthly/quarterly)

Step 2: Import Your Transactions

Go to Import Transactions and upload your CSV file:

Tip: Start by picking where the data comes from (sales, purchases, customs entries, Point POS, or QuickBooks), then upload your CSV or Excel export.
Step 3: Review & Categorize

Rule-based categorization suggests a VAT treatment for each transaction:

Standard (10%)
Reduced (5%)
Zero-Rated (0%)
Exempt
Step 4: Generate VAT Return

Visit VAT Returns to generate your monthly/quarterly return with one click.

Ready to lodge: Export as PDF or XML. You lodge the return with the Department of Inland Revenue and record the acknowledgement in CoralLedger.

Initial Setup

Before importing transactions, configure your VAT settings for accurate compliance:

Business Information

Legal business name

Tax Identification Number (TIN)

VAT Registration Number

Registered address

VAT Settings

Filing frequency (monthly/quarterly)

Year-end date

Accounting method (accrual/cash)

Currency (BSD)

Importing Transactions

Supported File Formats

CSV Files

Standard comma-separated format. Most common for exports.

Excel (XLSX/XLS)

Microsoft Excel workbooks with transaction data.

QuickBooks

Native QuickBooks transaction export format.

Required Columns
Your CSV must contain these columns (case-insensitive):
Column Name Description Example Required
TransactionDate Transaction date 2025-01-15
Description Transaction description Office supplies
TotalNetAmount Net amount (excluding VAT) 1000.00
TotalVATAmount VAT charged/paid 100.00
Direction Sale or Purchase (Output/Input also accepted) Sale
InvoiceNumber Invoice/reference number INV-2025-001
CustomerName Customer or vendor name Acme Corp
Step-by-Step Import Process
1. Prepare Your File

Export transactions from your accounting system (QuickBooks, Xero, Excel) with the required columns.

Important: Ensure dates are in YYYY-MM-DD format and amounts use decimal points (not commas).
2. Upload to CoralLedger

Navigate to Import Transactions and drag-and-drop your file or click to browse.

Maximum file size: 10 MB

3. Map Columns (Header Matching)

Column headers are matched to standard field names. Review the suggested mappings and adjust if needed.

Recognized formats: QuickBooks and Point POS exports are mapped for you; every row still runs full validation. Other files use header matching with your review.
4. Review & Categorize

Rule-based categorization suggests a VAT treatment for each transaction, and each suggestion names the rule that produced it. Review the suggestions and confirm or adjust before importing.

5. Import & Confirm

Click Import Transactions to complete the process. You'll receive a summary with any warnings or errors.

Data Quality: Duplicates are automatically detected and flagged for review.

VAT Returns

Generate accurate VAT returns ready to lodge with the Department of Inland Revenue:

Built-in Calculation

Returns are automatically calculated from your imported transactions:

Output VAT (sales)

Input VAT (purchases)

Net VAT due/refund

Export Options

Download returns in multiple formats:

PDF (for your records and lodgement)

XML (for the DIR e-services portal)

Excel (for records)

Filing Deadlines: VAT returns are due 21 days after the end of the tax period (14 days for large taxpayers). See the Filing Guide for details.

Best Practices

Regular Imports

Import transactions weekly or monthly to stay on top of your VAT compliance.

Keep Backups

Always keep copies of your original transaction files and generated VAT returns.

Review Categories

Always review suggested categorizations, especially for new types of transactions.

Secure Your Account

Enable two-factor authentication and use a strong, unique password.

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CSV Format Guide Compliance Guide