Forecasting VAT/GST/sales tax is obviously important, so when creating predictions in any forecast, Futrli will calculate any VAT/GST/sales tax automatically.
Default VAT/GST/sales tax settings
Default VAT/GST/sales tax settings
Every organisation will have default VAT/GST/sales tax 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/sales tax on a specific prediction
Overriding VAT/GST/sales tax on a specific prediction
There is the option in every prediction created to override the default VAT/GST/sales tax rate.
If the prediction in question should be 0% VAT/GST/sales tax, just add 0.
Are predictions inclusive or exclusive of VAT/GST/sales tax?
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 view gives you a preview of what accounts will have what movements when a prediction is created, including the VAT/GST/sales tax 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/GST/sales tax account (as the VAT/GST/sales tax rate is 20%), then the full £120 against the bank account.
