FastTrack360 Version 12 Online Help
VAT/GST Adjustments
- Miriam Cox
When recruiting contractors, the recruitment agency may not be able to obtain all the contractor data at the time of payment such as their VAT/GST registration number which means that the VAT/GST status may need to be amended once these details have been supplied and would potentially mean backdating the payments.
Contractors can also change their VAT/GST status and this can be backdated to previous payments made. This means that when a contractor’s VAT/GST status changes and it needs to be backdated, previously FastTrack360 prevented this as you could only change the status from a future validity period. This causes an issue whenever processing an adjustment pay batch as it would not take into account the payee’s latest VAT/GST status.
Also, at the VAT/GST stage of the pay batch process, it was not possible to enter any adjustment value which meant that in the manual input stage, the user would have had to enter a negative value on the original pay code to reverse the VAT/GST and then enter a positive value to offset the payment using a different pay code with the opposite VAT/GST setting to re-calculate the VAT/GST.
This feature release allows users to:
Feature | Short Description | Front Office | Back Office |
|---|---|---|---|
Pay Company - VAT/GST Adjustment control. | Decide if VAT/GST adjustments should be separated out onto a separate payslip for audit purposes. Click here to read more. |
| X |
Payee - VAT/GST Registration and de-registration dates. | Record VAT/GST registration and de-registration dates. Click here to read more. |
| X |
Payee - Relaxation of editing fields in a validity period. | Amend a payee’s previously used validity period VAT/GST registration status along with some further fields that were locked. Click here to read more. |
| X |
Pay Batch - Ability to adjust VAT/GST at the VAT/GST stage. | Ability to add a VAT/GST adjustment and reason at the VAT/GST stage. Automatically include the VAT/GST adjustment within the VAT/GST value. Click here to read more. |
| X |
Pay Reports | Pay reports updated to include the VAT/GST adjustment value and the registration and de-registration dates. Click here to read more. |
| X |
Document Format - VAT/GST Adjustment fields added | Include the adjustment value fields and adjustment reason into the list of available fields to select in the document format for payslips. Click here to read more. |
| X |
Custom Reporting | New fields added to the report module data source so that they can be used in custom reports. Click here to read more. | X |
|
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