Configure the carrying forward of purchase invoices with VAT duty by project
You can carry forward the purchase invoices and costs that you enter in Profit Financieel, to the actual costing for a project in Profit Projecten. When entering a purchase invoice, by default, Profit determines the VAT duty based on the creditor, but you can also have the VAT duty determined based on the project on which you enter the costs.
You configure this functionality if you are dealing with projects that are executed on a location different from the branch location of the creditor and for which the VAT duty deviates from the VAT duty of the creditor.
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Description
If you want to use a VAT duty other than the VAT duty of the creditor when entering a purchase invoice on a project, you must first activate and configure this functionality.
Activating this functionality has the following effect:
- The VAT on purchases tab is made available in the properties of a project. On this tab, you enter the VAT duty and Preferred VAT code of a project if you want to deviate from the creditor VAT duty. You must first authorise this tab.
- The Project field is made available for financial entries in the purchase journal. You add this field to the entry layout for purchase invoices. This is an optional field in which you can enter the project when entering a purchase invoice for a project, so Profit determines the VAT duty based on the project instead of using the VAT duty of the creditor.
Procedure
- Activate the VAT duty by project (purchase) functionality
Before you can use the function to carry forward purchase invoices based on VAT duty by project, you must activate the VAT duty per project (purchase) functionality.
- Authorise VAT duty by project
Authorise the VAT on purchases tab for projects to grant access rights to this tab.
- Configure a purchase invoice entry layout
You add the Project field to the entry line of the entry layout for purchase invoices. When entering a purchase invoice for a project, you can use this field to enter the project so Profit determines the VAT duty based on the project, instead of the creditor's VAT duty.
- Link an entry layout to a journal for VAT duty by project
You link the entry layout to the journal using the project field.
- Set a ledger account for a project entry
If you want to carry forward purchase invoices or costs from the financial administration, you must first specify the ledger accounts for which carrying forward is allowed or even mandatory.
- Add VAT duty and VAT code by project
You enter the VAT duty and preferred VAT code for a project if you want Profit to apply this VAT duty during entry of a purchase invoice on the project. This allows you to deviate from the VAT duty set for the creditor (the project executor) in case the project location deviates from the branch location of the creditor.