Product Update 407: VAT cash system report has been added

In certain countries, some companies are required to use the cash based VAT system instead of the invoice system, whereby VAT payment will only be paid once payment is made. As of year 2013, the invoices will only be valid for a number of days for certain countries. Once the invoices have expired, the invoices will become normal invoices.

In Exact Globe Next, reports can be generated to track the aging of unpaid receivables. In this product update, the VAT cash system option at Report under the Layout section at Finance à Accounts receivable à Receivables à Receivables (see Generating receivables report) has been added. However, this option is available only if the Flexible VAT system check box under the VAT section at System à General à Settings à General ledger settings (see General ledger settings) is selected. This option generates a report listing all the unpaid invoices where the VAT code used is defined with the VAT cash system (see Creating and maintaining tax codes).

The following sections and fields will be available if the VAT cash system option at Report is selected.

The Age field refers to the number of days the issued invoices have not been paid, for example, aging of the invoices. The calculation of the aging days displayed in the report depends on the selection at Reporting date.

The report will display the invoices that are using the VAT cash system.

Note: This functionality is not applicable for Exact Compact.