VAT

Note: Changes made to this part of the application can signficantly affect your data. If you are unsure, please contact us or speak to your Accountant first.

AccountsPortal provides comprehensive treatment for countries using the Value Added Tax system (VAT). In some countries, eg Australia and New Zealand, value added tax is referred to as Goods and Services Tax (GST). For simplicity, the acronym VAT will be used throughout the AccountsPortal application.

A high degree of flexibility is provided in regard to VAT treatment and functionality. The system caters for Standard Rate and Flat Rate VAT (a simplified VAT scheme offered by countries such as the UK), as well as Accrual or Cash basis accounting.

When entering new transactions such as sales invoices or payments, the system will automatically determine the Organisation's VAT status (at the date of the transaction) and apply the correct accounting and VAT treatment.