When we sell to another company in Europe, in Xero we select the VAT category '20% Expenses Reverse Charge. This shows as no VAT charged on the invoice but posts VAT and then takes it off again in the background (I'm sure there is a financial speak term for that process).
This then builds the figures for the VAT return.
Sage Line 50 goes one step further I believe and also has a report that shows the quarterly transactions with companies in other EU countries to support completion of a form that has to be returned showing the total value to the named company and their VAT number.
Comments
Hi Ian, there is a solution for this in Dynamics. Look at your VAT posting set up.
Category: Financial Management
Sorry, this should not be in the category of Data Migrations but I cannot see how to edit it now that I've created it... opps.
Category: Financial Management
Business Central Team (administrator) on 5/17/2022 1:35:57 PM
Thank you for reaching out. Your suggestion seems to be a question about existing functionality. Please reach out to Business Central Community Forum to ask questions:
https://community.dynamics.com/business/f/758
You can find more info here:
About Setting Up Value-Added Tax - Business Central | Microsoft Docs
Sincerely,
Brian Nielsen
PM, Microsoft
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Link
https://docs.microsoft.com/en-us/dynamics365/business-central/dev-itpro/help-and-support#non-product-related-questions