Another improvement to our accounting software based on feedback from our customers:
In this release, we have included lots of new changes to help improve the way that VAT is reported, this includes the following enhancements.
Changes:
- You can now submit your EC Sales invoice list to HMRC through KashFlow even if the amount in Box is £0.00. Previously this would show as “Not required”.
- KashFlow can recognise when a customer/supplier changes from being EC to none EC so that historical data will not be affected.
- EC Reverse charge journal not reporting correctly on the VAT return, this has now been corrected.
- VAT Trading Sales Report is not considering EC Invoice for Cash Accounting scheme, this has now been corrected.
- When assigning individual invoice/purchase lines to a Project, this isn’t being reported correctly when going to Projects> *Select Project*> Profit & Loss Report> *Select nominal code for breakdown*. The breakdown report was showing the whole amount of the invoice, rather than just the line item, this has now been corrected.
- Bank transaction refund appearing in the wrong box. This has now been corrected, you will need to ensure that sales codes are coded as “Turnover” and purchase codes are “Expenditure” or “Cost of Sale” within Settings> Chart of Accounts.
- Quantity not reporting correctly on 0% and NA VAT rate Report, this has now been corrected.
- Comment lines being included on the 0% and NA VAT rate Report, this has now been corrected.
- Bank Transactions now included on 0% and NA VAT rate Report.
- Backdated EC Sales data not being considered in the current submission of EC Sales breakdown data, this has now been corrected.
- “Recieve Stock” option not available on a purchase that has been included on a VAT Return, this has now been corrected.
- Journals from previous VAT periods can now be backdated and included in the current VAT Return.
- When using the Mileage feature, you will only be able to see relevant nominal codes. This means that the Mileage Account code will default to “Expenditure” type and the Out of Pockets Expenses code will default to “Current Asset/Liability” type.
- Bank Feeds – Issue with missing transactions, this has now been corrected.
Flat-Rate Scheme Specific:
- You are now able to process the sale of an asset which is charged at 20%, instead of the FRS rate. To do this, you must ensure that the nominal code the transaction is coded to is set as “Fixed Asset”. You can check this by going to Settings> Chart of Accounts.
- Correction: Bank transactions set to N/A but not being included on VAT return even though the option is enabled to do so (option is found by going to Settings> Advanced Settings and untick the option for “For Flat Rate Scheme turnover calculations, exclude any items with the VAT rate set to “n/a”.”) has now been fixed. If the option under Settings> Advanced Settings is unticked, any bank transactions coded as N/A will show automatically on the VAT return.
- Journals with Input VAT and Output VAT are now included in the VAT Return.