Other accounting systems allow you to choose a tax code when posting journals, if I need to do adjustments I can't currently do so.
The vast majority of journals would be no VAT but things like the Tour Operators Margin Scheme on trips, we need to pay VAT on the profit, in other systems you would Dr Sales by the profit amount with no VAT and Cr Sales by the profit amount inclusive of VAT.
Another example is our external caterer takes sales on our behalf and credits our bill with exempt income, we cannot process this in the iFinance system at present.
It seems that most of iFinances work arounds need to be done both on the sales and purchase ledgers with dummy customers/suppliers.
Why is this the second most voted for feature but other ideas with less than 10% of the support are several steps further on in the process!!!
This improvement would help us enormously, and bring your software in line with 99% of your competitors'.
VAT returns in AIQ are a headache every quarter for those of us that have partial exemption to deal with.
Processing the partially exempt VAT adjustment is made even harder by this limitation. Without GL journals with VAT that are captured by the VAT return, we have to use a very convoluted work around. In order to process our partial exemption adjustments in a way that is captured in the VAT return that is filed by MTD and recorded by AIQ with a proper audit trail, we need to create a batch invoice and batch credit note to process the VAT adjustment. This is pretty crazy.
Please can you fix this feature?
We have known and worked with VAT for over a year now. This idea was posted in December 2024 - please prioritise.
The most basic finance tasks have become complicated and timely.
I totally agree. We post petty cash via journals and if there're VAT elements then it is fiddly. VAT within journals shoild be a standard functionality