New Features and Enhancements in VAT Reporting Summer 2021
The following new features have been introduced in the Summer 2021 release of VAT Reporting.
Dependencies on other FinancialForce Packages
FinancialForce VAT Reporting Spring 2021 requires the following FinancialForce packages to be installed in this order:
- FinancialForce Reporting Spring 2021 and later
- FinancialForce Accounting Spring 2021 and later
You must install these packages before installing or upgrading to FinancialForce VAT Reporting Spring 2021.
Using the VAT Reporting Package with Withholding Tax
New Withholding Tax functionality has been added to the Accounting Spring 2021 release.
Withholding Tax lines are excluded from the VAT process used by the VAT Reporting Package. Transaction lines with the Is Withholding Tax checkbox selected are excluded from the VAT return process.
Note: The VAT Reporting Package (HMRC) must be updated to Spring 2021 alongside the installation of FinancialForce Accounting Spring 2021. Upgrading the VAT Reporting Package (HMRC) ensures that the correct VAT tax transaction lines will be retrieved for the following reports:
- Tax Details Report (Value Added Tax)
- Tax Details Report (Sales and Use Tax)
If the upgrade is not carried out the reports will incorrectly include Withholding Tax transaction lines.
For more information, see Withholding Tax on Payable Invoices and Withholding Tax on Payable Credit Notes.
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