How are VAT rate changes managed in Briox?
VAT rate changes are managed automatically in Briox.
The invoice date will decide if the VAT rate is the old rate or the new rate. That is to say, both VAT rates coexist in the system and are automatically selected based on the Invoice date.
The VAT report
When a VAT rate changes, both the new rate and the old rate will be posted to the same accounts and reported to the same box in the VAT report in Briox.
In the VAT report file that is created, the new format is used and each rate has its own line in the file.
What do I need to do?
The only thing you, as a user, will need to do, is update the name of the account you use if you have the % in the account name .
Please note that the name of the account does not affect the VAT rate as both rates will be posted to the same account during the transition period.
Read how to change the name of your account here, in the section called Account settings.
I am using both a posting date and an invoice date, how does this work?
It is always the invoice date that will be taken into account when the VAT rate is to be determined.
Read more about enabling an extra date field. SUPPLIER INVOICES
I have set VAT rates on my suppliers in the registry. What happens to them?
As in the rest of the program, if you have set a VAT rate on your supplier in the registry, the VAT rate will be automatically updated to reflect the change taking place on a specific date.
Can I use old rates on my supplier invoice after the new rate has come into force?
In both cases you must select the option Multiple VAT rates in the VAT drop down menu in the invoice header.
This will allow you to freely code in the accounting grid.
Use a template to automatically calculate your old VAT rate in the supplier invoice. These are easily created by copying existing ones.
CUSTOMER INVOICES
A temporary VAT rate can be set up if you need to use the old VAT rate on the sales side after the new vat rate has been enforced.
Comments
0 comments
Please sign in to leave a comment.