Futrli makes your life easier by automatically forecasting VAT/GST/sales tax. This can be forecasting VAT/GST/sales tax on a new prediction automatically, or forecasting your next VAT/GST/sales tax payment.
This guide takes a look at how VAT/GST/sales tax can be explained in Futrli.
How does Futrli calculate an upcoming VAT/GST/sales tax payment/refund?
Futrli creates a prediction for the next VAT/GST/sales tax movement for an organisation in every 3 year cash flow or 3 year cash flow with due invoices forecast created. This could be a payment, but it could also be a refund.
Futrli runs the numbers and creates an accurate prediction.
Where can I find this information?
Where can I find this information?
In any 3 year cash flow or 3 year cash flow with due invoices forecast, locate the VAT/GST/sales tax holding account within the Liabilities or Cash Flow Statement tabs. Depending on the VAT/GST/sales tax setup for the organisation, you will find the predicted movement.
The forecast will also have the option to view the balance sheet with a cash flow view, or alternatively there is a Cash Flow Statement. Both options will show the expected cash movement.
How is this information calculated?
How is this information calculated?
When you look at an upcoming VAT/GST/sales tax movement, Futrli looks at three things:
Actual data, including any unpaid invoices. To review unpaid invoices, you need to look at the daily tracker forecast
Predictions that have been created. The predictions in question are in the daily tracker forecast
Any late payments for previous VAT/GST/sales tax
📌 TIP: Below are some related guides you may find useful:
How is VAT/GST/sales tax calculated within a Futrli forecast?
When you create a new Futrli forecast, this is free from predictions. You can add predictions with auto-predictions or if you use the From Last Year's actuals method to create a budget. Otherwise, your only other option is to create a prediction yourself.
You can set a default VAT/GST/sales tax rate in the settings of a forecast.
📌TIP: Even after you set a default tax rate you can still enter a different rate for an individual prediction.
How can I defer VAT/GST/sales tax?
You can also defer VAT/GST/sales tax from within the Balance Sheet tab of your forecast.
You can find the tool to set up the deferral within each forecast in Futrli.