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In Soft1, you can monitor the VAT in transactions/ entities (e.g. Stock Items, Services, Fixed Assets) with:

  • VAT Rates that are already designed in Soft1 and
  • VAT Status of the transaction which can be one of the following options:
    • "Normal": The taxpayer normally pays the VAT,
    • "Is exempted": The taxpayer is not obliged to pay the VAT and
    • "Reduced": The transaction is subject to a special VAT status.

Learn more about VAT Rates & Status configuration as well as how they affect a transaction, in the tabs below. 

Through Soft1 standard configuration, you can change the VAT Rates, if this is required by law. Special jobs announced periodically by SoftOne will assist you to make the respective changes.


Each VAT (Parameters > Companies > Other Settings > VAT), is linked to the corresponding reduced percentage and includes parameters that you can use so as to connect with: 

  • Cash Register parts
  • some Special Legal Cases and
  • General Ledger accounts or Collections - Payments, so as the accounting entries will automatically result when e.g. a new transaction is posted in Commercial Management. 


Right after you create a new Stock Item, an expense, a service, etc in Soft1, the corresponding VAT Rate has to be selected as well. Fill out the VAT field: 

  1. either manually, 
  2. or automatically by selecting the Commercial category. 


In Soft1, the VAT Status mainly affects the VAT in a transaction/ document and involves three categories: 

  • Normal VAT Status - The transaction is subject to normal VAT (e.g. 24%).
  • Reduced VAT Status - The transaction is subject to a reduced VAT (e.g. for transactions concerning some Greek islands like Lesvos, Leros etc).
  • Is exempted from VAT Status - The transaction is excluded from VAT (e.g. about a company out of Greece).

You can set up the VAT Status through the following ways:

  • During the set up of the Company Branches (e.g. Company with Head Offices in Athens and Branch in Lesvos),


  • during the Trading Parties and their Company Branches set up, according to the location (e.g. Supplier with Head Offices in Athens and Branches in Cyprus & Lesvos). Customize the VAT Status in the General data and fill in each field for each branch. 

Through the Parameters of the Trading Parties/ Branches, you can set a default VAT Status for a New Entry (e.g. Customer, Supplier, etc). 


Example

Assuming that a catering shop with Head Offices in Kallithea Athens, orders some seafood from a Supplier located on the Greek island of Lesvos. The VAT Status is changed to "Reduced" and the Rate is altered to 13% for each Stock Item, as soon as you bring them in the document lines of the new entry. 

When creating a new document, the VAT Status will be suggested according to:

  1. The login Company Branch Settings 
  2. The Trading Party
  3. The Trading Party Branch (e.g. the Branch in Lesvos, an area with a Reduced VAT Status at 13%).

Finally, at document lines, the suggested VAT will be the one chosen during the transaction, regardless of the Stock Item's VAT Status.

The Branch VAT Status prevails over the Trading Parties' one.

Reports

In Soft1, further information about VAT Rates can be displayed in Reports (Purchases, Sales, etc). The specific reports which can be used for business and accounting management agreement are the following:

  • Control Report (Purchases, Sales, Trading Parties and Cash Accounts)
  • Control Report Analytical (Purchases, Sales)
  • Statistics (Purchases, Sales, Stock Management, Services, Collections, Payments, Collections & Payments, Debit/ Credit)
  • Accounting Report (Purchases, Sales)
  • Accounting Report Analytical (Purchases, Sales).