What's New - January 2, 2023

See reverse charge VAT in Tax Reports and depreciate fixed assets using the Straight Line Monthly method.

View reverse charge transactions in tax reporting

RELEASED DECEMBER 26, 2022

With reverse charge VAT,  an agency does not charge VAT on the sales invoice but declares both the output and input VAT.  Reverse charge transactions are now included in the Tax Report - Accrual Basis.  Click here for details.

Depreciate fixed assets using the Straight-Line Monthly method

The Straight-Line Monthly method is now supported for allocating the cost of a capital asset.  Unlike the Straight Line method, which prorates the depreciated amount based on the number of days in each month, this method uses the straightforward calculation of dividing the cost of an asset, less its salvage value, by the useful life of the asset.  

As with the current functionality, you can set the default depreciation method for an Asset Type to this new option.  You can also now set the Useful Life in Months instead of specifying a Depreciation %. 

Learn more about Fixed Asset Depreciation here.

Interactive Financial Statements

GENERAL RELEASE

With Balance Sheet and P&L Statements, Accountability offers a drill down functionality to view the transaction level details behind the amounts reported. 

Click here to learn more about Interactive Financial Statements.