Forecasting VAT/GST/sales tax is important, this is why Futrli calculates any VAT/GST/sales tax automatically. This includes when manually creating a prediction in any forecast.
Default VAT/GST/sales tax settings
For each forecast, you can set a default VAT/GST/sales tax in the forecast's settings. This means every time you create a prediction for that forecast, you don't have to specify the tax rate. However, you still have the flexibility to enter a different rate for an individual prediction if you want.
Are predictions inclusive or exclusive of VAT/GST/sales tax?
Predictions made are always exclusive of VAT/GST/sales tax.
Futrli will take care of all VAT/GST/sales tax calculations. The Accounts impacted tab in the prediction builder screen when creating a prediction gives you a preview of the movements of accounts. This includes the VAT/GST/sales tax account.
EXAMPLE: In the screenshot below, you can see a single prediction of £100 in March. Within the Accounts Impacted section, you can see:
£100 assigned to the Shop Sales account
£20 against the VAT/GST/sales tax account (as the VAT/GST/sales tax rate is 20%)
The full £120 against the bank account
