Business Central 2022 wave 2 (BC21) new features: New VAT Date field on documents and entries

Dynamics 365 Business Central

Hi, Readers.
The preview environment for Dynamics 365 Business Central 2022 release wave 2 (BC21) is available. Learn more: Link.

I will continue to test and share some new features that I hope will be helpful.

New VAT Date field on documents and entries:

Business value:

Users can report VAT statements and returns based on the new VAT Date instead of the Posting Date to meet requirements by certain countries.

https://docs.microsoft.com/en-us/dynamics365-release-plan/2022wave2/smb/dynamics365-business-central/new-vat-date-field-documents-entries

Some countries require reporting for VAT statements and VAT returns by using a date that’s different than the Posting Date. Sometimes, the date can be Document Date, but even this date can differ from the requirement. For this reason, the new VAT Date exists on all purchase and sales documents, as well as on journals.

For example, Sales Order:

VAT Date
Specifies the date used to include entries on VAT reports in a VAT period. This is either the date that the document was created or posted, depending on your setting on the General Ledger Setup page.

Posted Sales Invoice:

General Journals:

Before starting, users can set up the default value for VAT Date (Posting Date or Document Date) in the General Ledger Setup, but the date can be changed on individual documents and journals.

Default VAT Date
Specifies the date used to include entries on VAT reports in a VAT period. This is either the date that the document was created or posted, depending on this setting.

When a document is posted, the new VAT Date will be visible in VAT entries and in G/L entries.

VAT Entries:

If necessary, it’s possible to change the VAT Date after posting.

Update: More details

Give it a try!!!😁

More Information from Business Central Launch Event (2022 release wave 2) 

Update: Business Central 2022 wave 2 (BC 21.3) updates: VAT Date – minor improvements

Business Central 2023 wave 2 (BC23.1): VAT posting in General Ledger setup (Allow VAT Date From and Allow VAT Date To)

END

Hope this will help.

Thanks for reading.

ZHU

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