Adding an Accounting Configuration by Country or Region
Updated
Configuring expense categories to align with different tax codes, VAT accounts, and claim rates for various countries or regions is possible through Expensya.
This feature simplifies the complexities associated with handling accounting categories across multiple tax jurisdictions, ensuring compliance and accuracy.
Steps to Configure Accounting by Country or Region:
- Access the Admin Panel through the web application
- Navigate to Advanced Settings Menu.
- Select Categories sub-menu
- In the category editing form, locate the Accounting Panel.
- Click on Add a region under the Tax per region section to add Custom Tax Rates, Codes, and VAT Accounts
Important Consideration
- The system restricts the selection of a country or region to a single VAT configuration within the same category. This limitation ensures clarity and helps prevent potential conflicts, thereby promoting a streamlined and efficient management of VAT settings.
- In cases of overlapping geographical VAT configurations, the system smartly applies the most specific applicable VAT setting following a clear hierarchy: country-specific, region-specific, then default (all-region) settings.
Impact on Expense Exports
When exporting expenses, the appropriate VAT details are automatically applied based on the specified country or region of the expense. This feature guarantees accuracy and compliance, minimizing the risk of errors in reporting.
