FastTrack360 Version 12 Online Help
Payroll > Maintenance > Pay Company - VAT/GST Adjustments
- Fiona Sims
Description
Depending on the requirements of a country and accounting practices, VAT/GST adjustments may need to be processed separately, away from a normal self bill invoice and not mixed in with a self-bill payslip where they are getting paid for work undertaken. This then makes it clear to the contractor and their accountants as to the purpose of the adjustment. As this may not be applicable to all employers, a configuration setting has been provided to allow users to choose if the adjustment can only be entered in a pay batch that does not have any other payments/deductions occurring.
Go to: Payroll > Maintenance > Pay Company
When opening a pay company record, within the header section there is a sub section labelled Payroll VAT/GST
The labelling of this sub section will vary depending on the country specific goods and services tax label.
Field Name | Description |
|---|---|
VAT/GST Adjustments on Separate Payslip | The label will vary depending on the country specific goods and services tax label. The field will be unchecked by default. If it is checked, it will mean that an adjustment value in the VAT/GST stage can only be entered if there are no other payments/deductions being processed in that pay batch for that payee. If this flag remains unchecked, the user will be able to enter a VAT/GST adjustment where payments/deductions exist in the pay batch for that payee. |
Benefits
This flag helps control whether a payroll user can enter an adjustment where other payments are being processed. If this flag is checked, the VAT/GST adjustment can only be processed in a pay batch for a payee who has no other payments/deductions within it. By doing so, this will be benefit the contractor and their accountants by easily seeing where an adjustment has occurred.
Configuration
As described in the description section above.
Related pages
Classification-Public