Another improvement to our accounting software based on feedback from our customers:
As part of our ongoing process of improving KashFlow for our numerous customers outside of the UK, we’ve extended the VAT options.
VAT Cash Accounting is a scheme that allows you to calculate your VAT liability based on the dates payments were actually made and received, rather than based on invoice dates.
In some countries it’s possible to be registered for cash accounting just for sales, but to still have to account for purchases on the date of the invoice rather than on the date the invoice was paid. So we’ve now extended the VAT options to reflect this.
In Reports -> VAT Management & Reports -> VAT Settings you now have two tick boxes for the cash accounting scheme; one for sales and one for purchases.