Banana Accounting Plus is designed to handle VAT according to the regulations of the Federal Tax Administration. The Swiss VAT Report 2024, is created automatically thanks to the following extensions, integrated into Banana Accounting Plus:
- Effective Method - VAT Extension 2024 - See page in German, French or Italian
- Net tax rate Method - VAT Extension 2024 - See page in German, French or Italian
These extensions allow you to obtain the official Swiss VAT Report, both with the 2018 and 2024 rates. The extensions also allow you to create the XML file for data transmission on the Federal Tax Administration portal.
In order to use the new 2024 VAT extensions, the following steps are necessary:
- Subscribe to the Advanced plan of Banana Accounting Plus
- Download the latest program release
- Update your VAT Codes table (for users with an existing file)
- If you have a previous Banana version, update your program and plan.
All Swiss VAT documentation has been updated to comply with the new VAT regulations for 2024. In the VAT Codes table the new 2024 rates have been added, all the while also retaining the 2018 VAT codes and rates, to allow you to submit your VAT Report both with the 2023 and 2024 rates.
Recording transactions with VAT
With Banana Accounting, recording transactions with VAT is extremely simple due to its complete automation. VAT transactions are registered in the Transactions table, which serves as the central hub of the entire accounting process. For each VAT transaction, you need to enter the corresponding VAT code, indicating whether it's a sale or purchase and referring to the applicable VAT rates.
The software provides several pre-configured columns, and you have the flexibility to customize their display according to your preferences.
Additionally, the program offers the following functionalities:
Types of accounting
There are two types:
- On the issued invoices
It implies keeping a Clients and Suppliers register.
The costs and revenues, with the relative VAT code, are recorded when the invoice is issued and received.
More information is available on the page How to manage Supplier and Customers with VAT on turnover.
- On cash received
It is not mandatory to keep a Clients and Suppliers register, but if you wish to have one anyway, it is important to set it up with cost centers.
The costs and the revenues, with the relevant VAT code, are registered at the moment of collection or payment.
Further information can be found on the page Clients and suppliers with VAT, using the Cash principle.
To calculate the VAT amounts and generate the VAT report to be sent to the FTA, it is necessary to have costs and revenues in CHF base currency.
There are two methods of calculation:
- Effective method report
Provides for the deduction of the VAT paid on purchases (VAT due - recoverable VAT).
- Net tax rate method
The VAT to be paid to the FTA is calculated according to the granted rates.
Does not provide for the deduction of VAT paid on purchases.
Electronic transmission of the VAT Report
With the new extensions of Banana Accounting, in addition to the VAT Report facsimile, it is possible to export the data in XML format to be transmitted to the online portal of the Federal Tax Administration (FTA).
In the Extensions menu there are:
All users that have versions prior to Banana Accounting Plus, in order to use the electronic submission procedure, must update the program and subscription plan.
All VAT Reports can be saved in PDF format and securely archived.
Banana VAT Summary (VAT Journal)
In addition to VAT extensions, Banana Accounting Plus can generate VAT summaries based on the period and other parameters.
VAT summaries are useful for understanding the movement of VAT (VAT payable, recoverable, and to be paid) and enable effective control. In the event of audits by tax authorities, VAT summaries provide targeted details to facilitate the verification process.
For more information, please visit the VAT Summary page.
All VAT summaries can be saved in PDF format and securely archived.
VAT year-end reconciliation
Regarding the annual correction statement, which contains any differences found at the end of the year compared to the already submitted statements, Banana does not allow for a comparison of the calculated tax with the previously transmitted statements because the program does not save the total calculated tax from previous calculations. Therefore, the user must manually calculate the tax difference and communicate it to the AFC using the appropriate form.