Getting Started with CoralLedger Comply

Your comprehensive guide to VAT compliance in the Bahamas

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: Export directly from QuickBooks, Xero, or Excel. We support all major formats.
Step 3: Review & Categorize

Our AI automatically categorizes transactions by VAT treatment:

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

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

Ready to file: Export as PDF or XML for submission to the Bahamas Department of Inland Revenue.

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
Date Transaction date 2025-01-15
Description Transaction description Office supplies
Amount Net amount (excluding VAT) 1000.00
VAT Amount VAT charged/paid 100.00
Type Sale or Purchase Sale
Invoice Number Invoice/reference number INV-2025-001
Customer/Vendor 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 (Automatic)

Our intelligent column mapper automatically detects standard field names. Review suggested mappings and adjust if needed.

Smart Detection: Works with QuickBooks, Xero, Sage, and custom formats.
4. Review & Categorize

AI-powered categorization suggests VAT treatment for each transaction. Review high-confidence predictions (green) and adjust low-confidence ones (amber/red).

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 for submission to the Bahamas Department of Inland Revenue:

Automated 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 filing)

XML (for electronic submission)

Excel (for records)

Filing Deadlines: VAT returns must be filed by the 21st day of the month following the end of the filing period.

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 AI-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