This 30-minute on-demand webinar will be providing ‘An introduction to Partial VAT for charities’, showcased by our product expert Sunita Chandnani. This online demonstration will cover elements of VAT setup, Process Purchasing Transactions and VAT Report that shows the Partial VAT Amounts.
The purpose of this product is:
m-hance VAT Management is a fully flexible and configurable module that assists with the calculation of Partial VAT. Users can state recoverable percentages in the module configuration for an unlimited number of Partial VAT codes.
In situations where users may not know the recoverable rate on purchase invoices, the m-hance VAT Management module will allow users to post to a generic variable partial VAT code which can be reviewed daily, weekly, monthly or quarterly. Amounts posted to such a VAT account can subsequently be re-distributed to the correct Partial VAT code by running a routine.
The benefits that you will receive from having the product are:
- results in an organization being compliant in terms of its Partial VAT commitments.
- supports an organization in reducing its VAT liability to levels agreed with HMRC.
- avoids the need for monthly or quarterly manual reconciliations.
- is fully transparent to transaction-level via drill-down functionality.
- through reallocation of Variable VAT rates, it allows transactions to be processed quickly and efficiently.
- updates VAT Returns.
- features a Full transaction audit trail.
- facilitates accurate VAT reporting.