By using the accounting data from your forecast, we’ll estimate your upcoming VAT payments. If you make a change to the forecast, it will automatically update that transaction.
To be able to predict VAT in Fluidly, you’ll need to be:
- On the Accrual Scheme on Xero. This means VAT is calculated when invoices or bills are raised
- Paying VAT quarterly
- Recording VAT payments on the default accounts 820 or 2202 if you’re using Xero
This feature will be available for QuickBooks in the next few weeks.
We’re looking at making this feature available to businesses using the Cash Scheme or paying monthly soon.
How do I set up auto VAT estimates for a business that uses Xero?
- Go to the forecast settings in the top right hand corner
- In the VAT section, turn the switch on
- Select which months your VAT periods end
When looking at your forecast, any current Fluidly predictions on the VAT line will be replaced by these estimates.