Automatic VAT Calulations
Are you spending to long manually calculating your VAT?
Compiling a VAT return doesn’t have to be a time consuming process. Fusion Accounts will automatically calculate this for you at the click of a button. Once you have committed a VAT return, Fusion will pick up any outstanding transactions from this point in time and include these in your next VAT return.
Fusion Accounts stores a copy of each and every VAT return that you commit. These are available for viewing in the VAT transaction report. These reports are very useful for VAT inspections and will show every transaction that was included within these returns. You can export these reports out to excel or word.
Is your business VAT registered in more than one country?
Fusion Accounts is one of few accounting software providers that support multiple VAT registrations. Without this piece of functionality many businesses have to run their accounts as separate businesses – one for each VAT registration, or attempt to manually calculate VAT for each, incurring large cost and time overheads.
When you perform a transaction within Fusion Accounts it will allow you to choose the VAT registration that you wish this transaction associated with, and, if necessary, provided an exchange rate to the countries currency. VAT returns for each registration are calculated independently and in the currency of the country of registration.
Full support is available for both customer and supplier cash accounting schemes. So, for example, for a Republic of Ireland VAT registration the sales ledger can be set to Cash Accounting whilst the purchase ledger operates using standard accounting.
