Description
Within the payee record, if there is a change to a payee’s VAT/GST registration, this can be identified when a validity period is added. However, a validity period update may also contain other changes that are unrelated to the VAT/GST registration change and so to make it more apparent of the date of when a payee was either registered or de-registered for VAT/GST, these fields have been added to the payee record.
These fields are for information purposes only and do not have any impact to the calculation of the VAT/GST. The fields are within the validity period and so they can either be applied/updated to a closed validity period or within a new validity period.
The registration and de-registration dates are not linked with each other, so they could have both dates populated at the same time. It is the user’s responsibility to maintain these dates as required.
The fields are optional for entry so as not to cause any validation errors for historical records.
Benefits
Allows users to see instantly the date of when a payee was either VAT/GST registered or de-registered.
Configuration
None.