Product Update 414: VAT settlement report enhanced (Italian legislation)
Enhancements have been made to the VAT settlement report to ensure that the debit and credit amounts of the VAT basis can be easily distinguished. Previously, the debit and credit amounts of the VAT basis were displayed in a single column, called the Imponibile column, in the report.
In addition to that, to comply with the latest tax regulations, the purchase invoices that were created in the previous year but are registered before or after April 30 of the current year, will be reported under two new sections.
In the report, the split payments for sales invoices, as well as the sum of the purchase VAT amounts that were created last year, will not be reported at IVA periodo a credito or IVA periodo a debito for the VAT return period.
The following changes have been implemented to support the enhancements:
VAT settlement screen
In the VAT settlement screen, the following options have been added under the Range section:
- Date – Select this option to generate the report based on the creation date of the entries.
- Reporting date – Select this option to generate the report based on the reporting date of the entries.
- Fulfilment date – Select this option to generate the report based on the fulfilment date of the entries.
By default, the date selection will reflect the option that has been selected at the Check: Closed periods field under the Period and year control section in the general settings.
Quarterly interest calculation by date range
The quarterly interest of 1% for VAT (Interessi per IVA trimestrale 1%) will be calculated based on the following date ranges:
- First quarter: January 1 to March 31
- Second quarter: April 1 to June 30
- Third quarter: July 1 to September 30
- Fourth quarter: October 1 to December 31
For the interest to be calculated, only the listed date ranges must be defined at the
Date field under the
Range section. The interest will not be calculated in the case that a different date range has been defined.
Note: This is applicable to the Date, Reporting date, and Fulfilment date options.
VAT settlement report
In the VAT settlement report, two fields have been added in the item block. The two fields, which will be displayed in two separate columns in the report, are as follows:
- Imp. Dare – This column displays the debit amount of the VAT basis.
- Imp. Avere – This column displays the credit amount of the VAT basis.
The amount of the split payments will be displayed in the report under the IVA a debito section, which is labelled as Di cui soggetto a scissione dei pagamenti.
Note: For the split payment transactions to be correctly reflected at Di cui soggetto a scissione dei pagamenti, the transactions must be linked to a VAT code that ends with the character “S”. For example, SPS. All transactions that are linked to this type of VAT code will be displayed at this section, irrespective of the transaction types.
The amount of the purchase invoices that were created in the previous year, but are registered up until, or after April 30 of the current year, will be displayed under the IVA a credito section. The amount of the invoices that are reported before or on April 30 is labelled as Di cui IVA su fatture relative all’anno precedente registrate prima del 30/04, whereas the amount of the invoices that are reported after April 30 is labelled as Di cui IVA su fatture relative all’anno precedente registrate dopo il 30/04.
| Main Category: |
Support Product Know How |
Document Type: |
Release notes detail |
| Category: |
Release Notes |
Security level: |
All - 0 |
| Sub category: |
Details |
Document ID: |
28.428.244 |
| Assortment: |
Exact Globe
|
Date: |
01-08-2018 |
| Release: |
414 |
Attachment: |
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| Disclaimer |