Swiss VAT management

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Banana Accounting Plus is designed to handle VAT according to the regulations of the Federal Tax Administration.

The VAT-coded templates come with the VAT table already set up, containing the applicable VAT rates for 2024.

Further information is available on the following page: Transition to 2024 VAT Rates.
The extensions for generating the VAT Return facsimile have also been updated to comply with the new 2024 VAT regulations, covering both the actual and flat-rate methods, as well as the XML file for online transmission of VAT data on the AFC platform.

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:

  1. Ability to account for different VAT rates within the same transaction.
  2. The "Links" column, which allows you to attach invoices and verify the VAT rate.

Type 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.

Calculation method

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).
  • Flat 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 9, in order to use the electronic submission procedure, must update to the new version.
All VAT Reports can be saved in PDF format and securely archived.

VAT report

In addition to VAT extensions, Banana accounting has features for generating VAT summaries based on the period and other parameters.

VAT reports 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 reports provide targeted details to facilitate the verification process.
For more information, please visit the VAT report page.

Report IVA

All VAT reports 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.



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