Microsoft Dynamics NAV helps streamline routine accounting practices with automated financial processes. In Microsoft Dynamics NAV, you can set up multiple VAT rates using the VAT posting groups and general posting groups so that you can easily change VAT rates in order to maintain accurate VAT reporting. But companies often have thousands of open documents or journal lines where it would be cumbersome to manually update the VAT posting groups and general posting groups. Also, you would need to update master data such as items with the new default VAT posting groups and general posting groups due to the new VAT rate.
Microsoft Dynamics NAV 2013 delivers a new tool that makes it possible for you to define what master data needs to be updated, match old posting groups to new posting groups, and implement the changes on open documents and journal lines. This tool makes it possible for customers and partners to accommodate changes in VAT rates with a minimum amount of time and costs. The tool has previously been released as stand-alone, but it is now included in Microsoft Dynamics NAV 2013 with some improvements over the earlier version.
The VAT Rate Change Tool in Microsoft Dynamics NAV 2013 gives you a fast and efficient way to implement new and changing VAT rules yourself – without any updates or partner implementation. As a result, changes in VAT can be rolled out centrally and can be carried out quickly, so that your company can stay compliant with local VAT regulations. When the conversion is complete, VAT and general posting groups are converted, and changes are implemented in general ledger accounts, customers, vendors, open documents, journal lines, and so on.
If you are a Microsoft Certified Partner, you will no longer have to spend time rolling out changes in VAT rates, and you can use your time on higher value projects.
The VAT Rate Change Tool in Microsoft Dynamics NAV 2013 includes the following functionality:
- A conversion-complete field that is set when the tool has completed the conversion from the old rate to the new rate.
- A field to specify the date of the conversion for the converted VAT product posting groups and general product posting groups.
- A window to show VAT rate change log entries so that the user can see what has changed and when.
- General alignment with the Microsoft Dynamics NAV standard application.