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Our VAT management templates are included for free in the Banana Accounting Plus program.
The chart of accounts is based on the SME system (Swiss SME chart of accounts - Sterchi, Mattle, Helbing), compliant with the Swiss Code of Obligations (articles 957-963b CO).
VAT Features
All VAT templates include the necessary columns and functions to manage VAT. Calculations and all reports are automated.
To record VAT, simply enter the VAT code in the transaction. The VAT codes table is predefined and updated according to the new 2024 VAT regulations.
At the end of the period, based on transactions with VAT codes, the program calculates the VAT Summary by account, code, and percentage. It generates a paper facsimile of the VAT Report and the XML file for submitting VAT data to the AFC.
For VAT management with the new rates, you can find detailed information on the VAT Management page.
Some features require a subscription to the Advanced plan of Banana Accounting Plus, such as generating the VAT Report facsimile or XML file, using the new Rules, Filter, and Temporary Row Sorting functions. See all features of the Advanced plan.
VAT Accounts in Banana Accounting
The liabilities section includes two specific VAT accounts:
- Account 2201 VAT Report (corresponding to the automatic VAT account). Already configured.
- Account 2200 VAT Due (corresponding to the VAT Treasury account).
However, it is possible to set specific VAT accounts in assets and liabilities, but at the end of the period, various entries are needed to reverse the previous VAT and VAT due into the VAT Treasury account. Therefore, it is recommended to use the default VAT account, **2201 VAT Report**. More details can be found on the page Setting Up VAT Accounts.
Chart of Accounts with VAT on a Cash Basis
The templates for cash-based VAT have customer and supplier sub-ledgers set as Cost and Profit Centers (CC3). VAT is calculated by entering the VAT code at the time of payment and receipt of invoices, with counterpart accounts always being revenue or expense accounts.
Chart of Accounts with VAT on an Accrual Basis
The accrual-based VAT accounting templates have customer and supplier sub-ledgers linked to the balance sheet. All sub-ledger accounts appear in reports and balance sheets. In this case, VAT is calculated by entering the VAT code when issuing an invoice to the customer or receiving an invoice from the supplier.
VAT and Multi-Currency
Among the VAT templates, you can choose models that also manage foreign currencies with VAT.
The chart of accounts includes accounts for exchange rate differences, set in the File > File Properties menu. These templates include the Exchange Rates table, where foreign currencies are set with reference to the base currency, along with exchange rates and opening rates. In the Transactions table, there are columns for viewing amounts in both foreign currency and converted national currency, as well as a column that retrieves the exchange rate entered in the Exchange Rates table.