March 2021
- Get in touch to find out more about the features in this release or how get even more out of the system.
- It is now possible to restrict user access to specific Legal Entities & associated Bank Accounts.
- Where applied, users will only be able to enter documents for Legal Entities for which they have been given explicit access. These controls also apply to Legal Entity related enquiries such as Balance Sheet.
Postponed VAT accounting
- In response to BREXIT and the conclusion of the transition period ending for the UK leaving the EU, Iplicit are pleased to announce we support the new postponed VAT accounting (PVA) functionality.
- To mitigate potential cashflow issues caused by paying import VAT upfront, HMRC have introduced PVA for the import of goods. This allows for import VAT to be included on a VAT return.
- UK VAT registered companies can use PVA for the purchase of goods from the EU and the Rest of the World (HMRC guidelines). With this feature enabled, PVA transactions automatically populate the VAT return correctly and the appropriate accounting entries. The special rules that apply to Northern Ireland organisations trading with the EU have also been incorporated. Furthermore, VAT processing has been updated to ensure that EU purchases from the 1st January 2021 no longer go through the EU reverse charge mechanism for UK companies.
- With the system we always strive to ensure you have accurate, pertinent, real-time information available to you. So, to support this new functionality and help you manage the PVA process, new analytics and enquiries are available.
Document type defaults
- To assist the setup of document defaults, we have simplified the setup to be user and environment based.
- This is in response to Customers' requests to enable access restrictions on the user selection of Document types. Document types are now linked to attribute permissions e.g. Purchase invoice credit note entry can only be used if the user is in a user role with access to this attribute, operation combination.
- These restrictions also apply to matching. An example of this is that if a User has Purchase Order creation permissions, they cannot convert this into a Purchase Invoice or a GRN unless they have the appropriate related access permissions.
- You can now process cashbook transfers both within the same Legal Entity and now also across Bank Accounts from different Legal Entities. This creates a document in each Legal Entity to reflect both the Cash book and Interco balance.
- We have further increased the available APIs with the addition of new APIs including product API.
