Do you have a Standard or Premium account? From the Suppliers tab in the Tools section, you can now add VAT rates and custom labels to your suppliers. This tab lets you add this information more efficiently to improve your financial reporting.
Adding this information to your supplier saves you time by allowing you not to add it at every transaction.
You can therefore improve your financial management by categorizing your payment, and prepare your accounting work.
☝️ Note: A supplier is a beneficiary of a transfer. All your beneficiaries are available in the Suppliers section space.
How does the Suppliers section work?
The Suppliers section shows you the list of all your transfer beneficiaries. For every supplier, get:
- the number of transactions made,
- the VAT rate applied to these transactions,
- custom labels that you can assign.
Do you wonder who are the beneficiaries to which you did not add this information? Use the section filters to retrieve them.
How to add a VAT rate to a supplier?
- Click on the row of the supplier to which you want to add a VAT rate.
- Select the VAT rate. How can I get this rate? You can find it on your receipts or your quotes.
- Once selected, you can choose to apply this rate only to future transactions, or apply it to past transactions as well. You can therefore keep control on your transactions.
- Click on the Edit button to apply your changes.
Once a VAT rate is applied to a supplier, all the future transfers sent to this supplier will automatically be tagged with the VAT rate. If you need, you can still adjust it at the transaction level.
✌️ Note: If you made a mistake while entering the rate or decide not to apply a VAT rate, select the option Do not apply an automatic VAT to this provider.
How to add a custom label to a supplier?
Access more information on custom labels in 👉 this article.
Similar to VAT rates, you can assign custom labels directly to a supplier.
Click on the supplier row. In the side panel, you will have two possibilities:
- If you haven't defined any custom label yet, you can visit the custom labels menu and define your labels, thanks to our tutorial 👉 right here.
- If you have defined at least one label, you can apply up to three labels to your supplier. You can still edit lists and labels by clicking on Modify in the three dots menu.
Click on the Edit button to apply your changes.