Quick Start Manual

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Manual

Intro
BizFusion Trial
User Interface
Contacts Module
Products Module
Discount Rules
Inventory Module
Sales Module
Purchase Module
Bills & Receipts
Projects
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Credit note / Returns
VAT Module
VAT over margin
European Trade
Foreign Trade
VAT Shifted
US Sales Tax
VAT Correction
Manufacturing
Assets Module
Current Account
Accounting Basics 1
Accounting Basics 2
Accounting Advanced
Year End
Owner Equity
Income Tax
Banking Module
Payments
Loans
Financial Lease
Cross Payment
CSV Statement
Data Import
Data Export
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VAT over Margin Scheme (VOMS)


You're allowed to calculate the VAT over the margin of your products when you sell 2nd hand products.
This is called the 'VAT over Margin Scheme' or VOMS.
You need permission from your local tax agency before you're allowed to apply the VOM scheme.




Enable VAT on margin


VOMS is supported, but you need to specifically enable this option.
Go to: 'Setup > Config. Panel' and enable the option: 'VAT over margin'.

You also need to create VAT codes that you can use on sales where the VOMS applies.
You use the VAT Wizard to create new VAT codes.

Go to: 'VAT > VAT Wizard'.

Choose option 1: New VAT code + percentage.

Create the following VAT code:
Name: 'VOMS High'
Percentage: '21%'
Trade type: 'VAT over margin'.



You can now use this VAT code when you sell 2nd hand products.




The Margin


You can only determine the margin on a sale when the goods have been shipped.

Posting an invoice is not enough to determine the margin on a sale.
The invoice only signals that we have a claim on a debtor.

We generate a turnover when we ship the ordered goods to the customer.
At this point, we also know the stock price of the shipped goods.
Our margin after shipping is: turnover - stock price.
So the margin can only be determined by shipping the goods on an invoice.




VOM Statement


The VAT over margin is reported on your VOM statement.

Go to: 'VAT > VOMS Statement' and click on 'New Record'.
Specify the period for which you want to declare VOM.

Example VOM Statement


Please note that the VOM statement doesn't replace your VAT statement.
You need both statements when you declare your VAT.




Nullify VOM Statement


You don't need to pay VAT if your margin is negative.
In certain countries, like the Netherlands, you're allowed to compensate a positive margin
with a negative margin of a previous period.
You need to ask your local tax agency for permission before you do this.

You can use the 'Payment Differences' account to nullify a positive value on a VOM statement.

Click on 'Add Payment' beneath the VOM statement and choose payment source:
'Tiny Payment Difference'.


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