Transition from net tax rate method to the effective method

To correctly transition from the net tax rate method to the effective method in Banana Accounting, follow these steps:

Verify the VAT Codes table

• Ensure that the VAT Codes table is the default one provided by the program.
  The default table contains all the necessary codes for both thenet tax rate method and the effective method.
• If the table is not updated, it must be updated following the instructions on the webpage: Update VAT Codes Table 2024.

Update the Accounts table

• Add the following accounts:
  • 2201 VAT Report (automatic VAT account).
  • 2200 VAT Due (VAT to be paid to the AFC).

Update File Properties 

• Set account 2201 VAT Report in the following path:
  File > File and accounting properties (Basic data) > VAT.
   

Transactions Table 

• For transactions with VAT, use the VAT codes provided for the effective method.

For the quarterly VAT declaration, use the extension VAT Effective Method (available only with the Advanced plan).