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<div class="markdown-heading"><a><span class="octicon octicon-link"></span></a></div> <p style="margin-bottom:12px;margin-top:12px">In Finland the general VAT rate rises from 24% to 25,5% starting 1st of September 2024. This change requires actions from all Finnish organizations using Severa.</p> <blockquote class="wysiwyg-indent2" data-identifyelement="648" dir="ltr"> <p style="margin-bottom:12px;margin-top:12px">Read detailed instructions for VAT reporting from <a href="https://www.vero.fi/en/businesses-and-corporations/taxes-and-charges/vat/rates-of-vat/new-vat-rate-from-1-september-2024--instructions-for-vat-reporting/" rel="nofollow">vero.fi</a> before doing any actions in Severa.</p> </blockquote> <ol> <li> <strong>Work hours</strong> always use the default VAT rate from Settings. Hours that should be billed with VAT rate 24% should be invoiced before changing the default VAT in Settings.</li> <li> <strong>Products</strong> use the VAT set for them in Product registry (default VAT from settings or manually selected VAT).</li> <li> <strong>Travel expenses</strong> use the VAT set for them in Travel expense registry (default VAT from settings or manually selected VAT).</li> </ol> <blockquote class="wysiwyg-indent2" data-identifyelement="648" dir="ltr"> <p style="margin-bottom:12px;margin-top:12px">Updating the VAT rate in Settings does not affect billable products and travel expenses retrospectively. Items added to projects need to be manually updated.</p> </blockquote> <div class="markdown-heading"><h2 class="heading-element">Changing company-level Settings</h2><a><span class="octicon octicon-link"></span></a></div> <blockquote class="wysiwyg-indent2" data-identifyelement="648" dir="ltr"> <p style="margin-bottom:12px;margin-top:12px">Admin permissions are needed to access Settings.</p> </blockquote> <div class="markdown-heading"><h3 class="heading-element">Adding new VAT rate</h3><a><span class="octicon octicon-link"></span></a></div> <p style="margin-bottom:12px;margin-top:12px">To be able to use the new VAT%, the new rate needs to manually added to Settings. Navigate to <strong>Settings &gt; Organization &gt; Company settings &gt; Tax rates</strong>, and add the new tax rate.</p> <div class="markdown-heading"><h3 class="heading-element">Setting new default VAT</h3><a><span class="octicon octicon-link"></span></a></div> <p style="margin-bottom:12px;margin-top:12px">In Severa, one tax rate is always set as the default, and used on all new invoices unless another tax rate is selected manually. To change the default tax rate, navigate to <strong>Settings &gt; Organization &gt; Company settings &gt; Tax rates</strong>. Click the tax rate to edit it, and set it as default.</p> <div class="markdown-heading"><h3 class="heading-element">Updating Product and Travel expense registries</h3><a><span class="octicon octicon-link"></span></a></div> <p style="margin-bottom:12px;margin-top:12px">Navigate to <strong>Settings &gt; Work time, travel expense &amp; product registries</strong> to update VATs for both product and travel expense registries.</p> <div class="markdown-heading"><h4 class="heading-element">Products</h4><a><span class="octicon octicon-link"></span></a></div> <p style="margin-bottom:12px;margin-top:12px">Add <strong>Invoicing VAT</strong> as a Column to the list of products to easily see where VAT is manually set to 24. If the field is empty, default VAT from settings is used automatically. By clicking the <strong>Invoicing VAT</strong> column you can sort the products to easily see the ones that need updating.</p> <blockquote class="wysiwyg-indent2" data-identifyelement="648" dir="ltr"> <p style="margin-bottom:12px;margin-top:12px">Mass-update action menu opens when you hover your mouse on the header row (product category name), and mark the checkbox. If you have several product categories, it is recommended to update one category at a time.</p> </blockquote> <div class="markdown-heading"><h2 class="heading-element">Updating the VAT for fees waiting for billing</h2><a><span class="octicon octicon-link"></span></a></div> <p style="margin-bottom:12px;margin-top:12px">Fees waiting for billing can be updated using the mass-update feature in <strong>Reporting</strong>.</p> <ol> <li>Navigate to <strong>Reports &gt; Report creation</strong> </li> <li>Click <strong>Financials</strong> </li> <li>Go to <strong>Fees &gt; Items</strong> to update both items and travel expenses <ul> <li>Use filter <strong>Billed: No</strong> to list items that are not yet billed from customer</li> <li>Add value <strong>VAT%</strong> to see all items that require updating</li> </ul> </li> <li>Select fees by marking the checkbox in the header row</li> <li>Select action <strong>Change Invoicing VAT%</strong> from the action menu that opens on top, and update the VAT</li> </ol> <div class="markdown-heading"><h2 class="heading-element">Updating the VAT for Recurring fees</h2><a><span class="octicon octicon-link"></span></a></div> <p style="margin-bottom:12px;margin-top:12px">If you have added recurring fees to projects, and are using <strong>Platinum</strong> or <strong>Enterprise</strong> version of Severa, you have the possibility to mass-update recurring fees in one view.</p> <blockquote class="wysiwyg-indent2" data-identifyelement="648" dir="ltr"> <p style="margin-bottom:12px;margin-top:12px">Admin permissions are needed to access Tools.</p> </blockquote> <ol> <li>Navigate to <strong>Settings</strong> menu</li> <li>Go to <strong>Tools &gt; Recurring fees</strong> </li> <li>Add filter <strong>VAT%: 24%</strong> to narrow down the list of fees to items that require updating</li> <li>Select fees by marking the checkbox in the header row</li> <li>Select action <strong>Edit VAT%</strong> from the action menu that opens on top and update the VAT</li> </ol> <p style="margin-bottom:12px;margin-top:12px">If you don't have the mass-update option, recurring fees can be manually updated from project's <strong>Financials</strong> section. Project managers should check their own active projects, and update the fees.</p> <div class="markdown-heading"><h2 class="heading-element">Updating Default invoicing VAT for Customers</h2><a><span class="octicon octicon-link"></span></a></div> <p style="margin-bottom:12px;margin-top:12px">If you have manually set customers' default invoicing VAT to 24% instead of using the organization default, you have the possibility to mass-update customer data in <strong>Reporting</strong>.</p> <ol> <li>Navigate to <strong>Reports &gt; Report creation</strong> </li> <li>Click <strong>Customers</strong>, and navigate to <strong>Customers</strong> report</li> <li>Add filter <strong>Default invoicing VAT: 24%</strong> to see the list of customers that require updating</li> <li>Select customers by marking the checkbox in the header row</li> <li>Select action <strong>Change default invoicing VAT%</strong> from the action menu that opens on top and update the VAT <ul> <li>You can either select the VAT manually or use company's default (Inherited from company's settings)</li> </ul> </li> </ol>