VAT-Exempt Business : Netvisor

This help covers the operations of a non-VAT liable company in Netvisor.

You can turn off VAT handling by selecting Financial management > Bookkeeping > Bookkeeping settings > Basic bookkeeping data and proceeding as follows:

open basic bookkeeping data
select the setting that defines that the company is not Vat liable
save the change you made

Note the Vat liable setting as follows:

when you select that the company is not Vat liable, you can only enter transactions without value-added tax
if the company or association has even one value-added tax transaction per financial period, do not select Company is not Vat liable
when the setting is enabled, the value-added tax field will not be available on the voucher at all

Note:

if vouchers have been recorded for the period with value-added tax or using a VAT identifier that appears on the value-added tax calculation, these details will still appear on the VAT calculation
if necessary, correct such vouchers manually before you set the company as not Vat liable

If the company has not previously been Vat liable and later registers in the VAT register, proceed as follows:

open Financial management > Bookkeeping > Bookkeeping settings > Basic bookkeeping data
remove the checkmark from "Company is not Vat liable"
when the checkmark is removed, editing VAT also becomes possible for historical data and a VAT column will appear on vouchers

Tip:

You can reduce the need to edit the VAT identifier field of incoming purchase invoices as follows:

open Financial management > Bookkeeping > Specification of accounts
set the default VAT identifiers of the bookkeeping accounts used by the VAT-exempt entity to "-" No VAT handling"

Frequently asked questions

Q: How do I turn off VAT handling for a non-Vat liable company in Netvisor?
A: Open Financial management > Bookkeeping > Bookkeeping settings > Basic bookkeeping data, select the company as not Vat liable and save the change. After this, the value-added tax field will not be available on vouchers.

Q: When am I not allowed to select the setting "Company is not Vat liable"?
A: Do not select the setting if the company or association has even one value-added tax transaction per financial period. In that case, VAT transactions must be handled normally.

Q: What should I do if vouchers with VAT have already been recorded for the period before I set the company as not Vat liable?
A: Manually correct all vouchers that include value-added tax or a VAT identifier that appears on the value-added tax calculation. Otherwise, the details will still appear on the VAT calculation.

Q: How do I proceed if the company later registers in the VAT register?
A: Remove the checkmark "Company is not Vat liable" from the basic bookkeeping data. After this, editing VAT also becomes possible for historical data and a VAT column will appear on vouchers.

Q: How can I reduce the need to edit VAT identifiers on purchase invoices in a VAT-exempt entity?
A: In the specification of accounts, set the default VAT identifiers of the bookkeeping accounts you use to "-" No VAT handling". This way, the VAT identifier field of purchase invoices needs to be edited less frequently.

Keywords

non-Vat liable, Vat liable, value-added tax, VAT identifier, VAT calculation, basic bookkeeping data, Netvisor, specification of accounts, No VAT handling, VAT register

This article has been translated using an AI-based translation tool. The contents or wording of these instructions may differ from those in other instructions or in the software.

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