The June 2019 release (1906) of Aqilla brings forward an exciting range of features including updates to VAT adjustments, VAT returns in foreign currencies, ability to hide rows in financial reports and a new style API for account balances. You can watch a brief video overview here, or read on to find out more.
A new VAT Adjustment Document is available to make adjustments to calculated VAT summary data prior to the submission of a VAT return. This document is required because only certain document types are recognised by the VAT reporting functionality, specifically: Sales and Purchase Invoices, Expenses, and now in addition VAT Adjustments.
Extra versatility is provided by new settings which are available in the VAT Rates definition to specify whether the VAT reports will include a) both the Net and VAT amounts; b) just the VAT amount or, c) just the Net amount.
Although the VAT Adjustment Document may be used for general adjustments to the VAT reports, it is primarily designed to support handling of “Partial VAT” recovery.
A VAT Adjustment Document can apply to either Purchases or Sales and can specify either a single or multiple transactions that require adjustment.
If the Transaction Date and Transaction Reference match an existing transaction posted to the ledger, the document will automatically lookup the creditor or debtor account, otherwise details can be entered manually.
When handling partial VAT recovery, you may wish to define a separate VAT rate code to identify purchases that will be subject to partial recovery to simplify the identification of the VAT adjustments. In addition, you will require a VAT rate code for use in the VAT Adjustment document that only reports the VAT amount.
The VAT Adjustment Document is also accessible using the Aqilla Excel add-in. Information to populate the add-in can be derived from the VAT Detail Enquiry, an Account Enquiry, or using a Sharperlight report.
This enhancement is designed primarily for organisations that do not use GBP as their base currency but must submit a VAT return to HMRC in GBP. This is setup as follows:
1. Define a Currency Rate Type (found under the Configuration tab) for holding the currency rates approved by HMRC.
2. Where a company does not use GBP as the base currency, configure the currency code for the company VAT definitions in Companies (also found under the Configuration tab) specifying the Report Currency and Currency Rate Type.
3. Define the currency rates for the Currency Rate Type and dates covering the VAT return in Currencies (found under the Reference tab).
Once setup, the VAT returns will be revalued at a transactional level using the rates defined above.
This option is enabled in the Instance Settings (found under the Configuration tab). Once enabled, a new option, Sharperlight Reports, is available in the Configuration tab, which enables one or more named Sharperlight web published reports to be added to the Reports tab in Aqilla.
The report will be displayed in the Reports tab depending on the user’s permissions.
Unless the user has permission to all views, the view permission for this report must be added to a role assigned to the individual user.
A new option has been added to Report Rows to hide specific rows of a financial report. This can be useful when you wish to show calculated rows but not the individual rows that form the basis of the calculation.
For example, you may wish to show the gross profit in a report but not the specific detail of revenue and cost of sales.
The Aqilla API (Application Programming Interface) has been extended to provide greater flexibity for 3rd party applications to enquire on the data held within Aqilla. This latest enhancement allows for queries for example to do credit checking, returning an account balance, credit limit, and account status for a supplied account code.
For further information, contact firstname.lastname@example.org.
Month or year end doesn’t have to be slow or difficult. Here is a best practice guide to the busiest times of the accounting and finance year with 5 tips to facilitate a quicker and more efficient period end.