VAT

The VAT workspace provides functionality for automatic calculation of VAT amounts on each invoice and other similar document created in Visma Net. To set up the VAT calculation in the documents across the system, you should create all required taxes with their effective rates along with other VAT-related entities, such as VAT zones and VAT categories, and then associate these entities with appropriate elements of other Visma Net workspaces involved in the calculation process.

VAT calculation

You can calculate taxes in Visma Net by using different methods. You can set up an appropriate VAT calculation method, including calculating the VAT amount based on the total document amount or for each item listed in the document, or excluding the VAT amount from the product price specified in the document. For details, see: Set up VAT calculation.

VAT zones and categories

In Visma Net, a VAT zone is a group of taxes levied on a particular geographical location for all goods and services that may be sold or purchased by your company. You create VAT zones by using the VAT zones (TX206000) window for all locations of your customers and suppliers and add appropriate taxes to these VAT zones. For VAT-exempt customers (for example, those with reseller permits), you can create the VAT zones with zero-rated taxes.

Thus, the VAT amount in the document will be calculated basing on the tax, which corresponds to the location of the customer or supplier as well as on the type of the services or goods mentioned in the document (for example, in the invoice), for which, in turn, you should also create and assign a VAT category.

Tax agencies

In Visma Net, you can configure a VAT report for a particular tax agency and set up automatic accumulation of appropriate VAT amounts in the VAT report.

For each tax agency, you can define specific reporting settings, such as the reporting period or the rounding rules.

VAT reporting

The structure and content of the VAT report is prescribed by each particular tax collection agency and can be filed in a paper or electronic form. Usually, such form contains a number of fields that require the VAT amounts and/or taxable amounts to be entered. In Visma Net, the VAT report is represented as a table where the fields are represented as the lines.

You can configure a VAT report with required lines, and set up automatic accumulation of VAT amounts and taxable amounts in the appropriate lines.

The preparation of a VAT report includes the following steps: preparing a VAT report for a required reporting period, and closing the reporting period.

You can adjust the net VAT amount in the VAT report by creating the VAT adjustment document manually, or create another revision of the VAT report for the closed reporting period. For details, see: VAT report preparation.

EC sales list

The EC sales list is a supplementary reporting requirement for companies selling across the European union borders. It is used when reporting VAT on sales and.can be filed in a paper or electronic form. The EC Sales List contains information on sales and transfers of goods and services to VAT registered companies in other EU countries. For more information, go to your tax agency’s website.

The preparation of the EC sales list includes the following steps: preparing the VAT report (only the first time you create a EC sales list), creating the EC sales list for the set reporting period, modifying any transactions if needed, and finally sending the list to the tax agency.