VAT settings

In the folder Settings > Projects > VAT types, you can define the different VAT types that you use in Vertec.

If you are working with a financial accounting system, the code and rate must correspond to those from the financial accounting system (FAR).

You can deactivate VAT types that are no longer used. They are no longer available for selection, but remain available for existing data. Newly created VAT types are active by default.

In System settings - Invoice , you can set a default VAT type from the VAT types defined here.

In principle, the project uses the VAT type of the assigned project type. The project type uses the default VAT type, but it can be overwritten at this level. If the VAT type is overwritten, it appears in green font on the project type.

VAT rates with date

From Vertec 6.7, the code and rate of VAT types can be provided with a date. Similiar to the currencies , there is a list of VAT rates that apply from a specific date:

• The code can be set on the VAT type (if it remains) or can be overwritten in the individual date rows (if it changes with the rate).
• The rate is always set in a date row and provided with a date from when it applies.

In the top of the window, you always see the currently valid code/rate shown in the fields, so that you can see at a glance which code/rate is applied for today’s date.

When the VAT changes

If the VAT rate changes (as was the case in Switzerland in 01.01.2024, when it changed to 8.1%), all you have to do is enter a new date row for the relevant VAT type. From then on, Vertec automatically applies the conversion as soon as entries fall in the new date range.

Application

Wherever VAT is used, the code and rate per date is also used. The date of entry (service, downpayment, etc.) is applied. In the case of fixed-price phases, the closing date is used to calculate the VAT.

If an invoice has project entries with different VAT rates, the relevant posting rows appear:

• As long as the invoice is open, the posting rows change immediately when you adjust the details of a VAT type
• Once the invoice has been charged, the codes and rates of the postings remain fixed and do not change when adjustments are made to the VAT type
• The list of postings has a column for the VAT rate to show why there are multiple rows.