For your business’ future to be as accurate as possible, it is crucial that Predict is able to calculate your VAT / GST correctly. Predict uses real accounting logic to ensure that the VAT / GST impact of every prediction is reflected against your Bank Account and is shown on your Balance Sheet accurately.

This is really important, as you can rely on Predict to tell you whether you’ll have enough cash to cover these often large outgoings.

VAT/ GST settings

When you first start using Predict, make sure you confirm your VAT details in the Settings area on the Home screen. Predict will assume some values for you, but it is important that you check:

  • Your VAT / GST control account in your cloud accounting software is matched correctly

  • The frequency you pay VAT / GST (quarterly, monthly etc.)

  • The month in which your current VAT / GST period ends

  • The default VAT / GST rate in your country

  • The number of days after the end of the VAT period that payment is due. In the UK for quarterly payments this is the 7th day of the following month, so if your period ends in June, it would be the 7th of August

Activity amounts are always net of VAT/ GST

Whenever you create a new prediction it is important to remember that every activity amount you enter must be net of VAT. When you create a prediction you are prompted to enter the VAT rate for that prediction.

Futrli Predicts VAT/ GST aggregation

The automated Futrli Predicts predictions do exactly this for you, based on the historical VAT rates that have been applied to transactions on that account line.

Note: If the prediction line happens to include transactions with a mixture of VAT / GST rates, you should estimate a percentage that represents the average rate.

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