Futrli automatically calculates VAT/GST/Sales tax for manual predictions. You enter prediction values excluding tax, and Futrli calculates the tax and updates the affected accounts automatically.
Set a default VAT/GST/sales tax rate
Each forecast has a default VAT/GST/Sales tax rate.
When you create a prediction, Futrli applies this rate automatically. If required, you can override it for an individual prediction without changing the forecast's default setting.
Enter prediction values excluding VAT/GST/Sales tax
Always enter prediction amounts excluding VAT/GST/Sales tax.
Futrli automatically:
Calculates the VAT/GST/Sales tax
Updates the selected income or expense account
Updates the VAT/GST/Sales tax account
Updates the relevant bank or balancing account based on the selected cash flow payment treatment
Preview the impact of the prediction
Use the Accounts impacted tab to see how your prediction affects each account before you save it.
EXAMPLE: If you create a prediction for £100 with a 20% VAT rate, the preview shows:
£100 posted to the selected sales account
£20 posted to the VAT/GST/Sales tax account
£120 posted to the relevant bank or balancing account