Due to the current economic situation most European countries have decided to increase VAT rates.
Exact Globe Next provides a flexible and simple solution for automatically adopting new VAT rates in customer administrations. There are two ways:
- Reuse well-known existing VAT code with new percentage, whereas all historical data is adjusted to a new VAT code with old percentage.
- Create a new VAT code or select an existing one for new VAT percentage and link it to all relevant master data.
In both cases the customer may choose whether or not new VAT percentages need to be automatically applied to open quotations and sales orders, services orders and purchase orders.
The conversion can be done for every existing VAT code with a free choice of which approach fits best a specific situation of the customer.
Being initially implemented in 2010, for the product update 396, the functionality is recently enhanced based on the market feedback. All recent changes are available in Exact Globe Next as from the product update 400. For more information please read this release note.
You are welcome to stay updated on further development of Exact solutions through our regular postings on the Exact Product Blog.