Forecasting VAT/GST is obviously important, so when creating predictions in any forecast, Futrli will calculate any VAT/GST automatically.
Default VAT/GST settings
Default VAT/GST settings
Every organisation will have default VAT/GST settings. To view or amend these settings, click the Settings option in any forecast, found in the top left of the forecast in question.
Any of these defaults can be overridden from within these settings.
Overriding VAT/GST on a specific prediction
Overriding VAT/GST on a specific prediction
There is the option in every prediction created to override the default VAT/GST rate.
If the prediction in question should be 0% VAT/GST, just add 0.
Are predictions inclusive or exclusive of VAT/GST?
Are predictions inclusive or exclusive of VAT/GST?
Predictions made are always exclusive of VAT/GST.
Futrli will take care of all VAT/GST calculations. The Accounts impacted view gives you a preview of what accounts will have what movements when a prediction is created, including the VAT/GST account.
In the screenshot below, you can see a single prediction of £100 in March. Within the Accounts impacted section, you can see the £100 assigned to the Shop Sales account, £20 against the VAT account (as the VAT rate is 20%), then the full £120 against the bank account.
