Payee Details - VAT/GST Adjustments - Relaxation of Locked Fields in a Validity Period

Description

The purpose of the validity period is to have a history of certain field settings so that the setting can be used within a pay batch for both normal and adjustment batches. Once they have been used, they cannot be changed unless a new validity period is created and the new settings can be used going forward. Some fields, such as Pay Method, can be amended in any validity.

For VAT/GST registration, depending on the country, the status of a contractor’s VAT/GST could be backdated. If there were adjustment or normal pay batches that are yet to be processed when this backdating may need to occur, it would use the validity period setting at that time and potentially using the wrong VAT/GST registration status.

There are also other fields that are locked that need to be updated, such as the contractor’s business name that was entered incorrectly.

To cater for the need to backdate some of the payee details, the following fields have now been enabled to be edited in a used validity period. Click to reveal the list specific to the country:

Company Name
Business Name/Trading Name
GST Registered
ABN Number
Insurance
Policy Expiry Date
Company Address

Company Name
Business Name/Trading Name
GST Registered
GST Number
Insurance
Policy Expiry Date
Contractor Business Address

Company Name
Company Registration Number
Business Name/Trading Name
Business Type
VAT Registered
VAT Number
UTR Number
Partnership UTR Number (Only available where the business type = Partnership)Gross Pay Countries
Contractor Business Address

Company Name
Business Name/Trading Name
GST Registered
GST Number
Contractor Business Address

Where a contractor needs to have their VAT/GST registration updated, you will now need to decide if this should be applied to a prior validity period or from a new validity period.

Where a contractor has multiple validity periods and you are updating the VAT/GST registration to an earlier validity period, you will be asked if you want to update subsequent validity periods. If answered, yes, FastTrack360 will automatically update all succeeding validity periods with the same setting. This is also applied to the additional fields that have been enabled to be edited in any validity period as described above.

Also, specifically for the VAT/GST registration, if amended in a validity period that has already been used in a pay batch, an information will be displayed to advise you to review if any previous pay batches need to have a VAT/GST adjustment made.

Although prior validities can be amended, the system does not automatically adjust data that has already been processed. This data is stored as a snapshot in time.

Benefits

By allowing users to amend prior validities enables correct application of data for any pay processes completed after the update has been made.

Configuration

None.