Advanced VAT & GST Tax Support for Companies with International Locations
For Stampli customers with offices or locations outside the US that pay value added taxes (VAT), goods and services tax (GST), or other taxes on their purchases – we’ve got good news! Stampli allows you to easily keep track of and verify the taxes paid on purchases. This can be a huge help when you need to send reports to local tax authorities to claim refunds on taxes paid on purchases. Easily view, calculate & track local purchase taxes paid within Stampli.
Here’s what to look out for in terms of Stampli international tax support.
Access Tax Codes From Your ERP Inside Stampli
Whether there are one or multiple tax codes assigned to each company or subsidiary in the ERP, all tax codes are brought into Stampli. These can then be easily selected from a drop-down list. If your invoice has multiple GL or items, tax codes can be selected for each line.
Quickly Auto-Calculate Taxes at Line Details
For subsidiaries/entities that require total amounts before taxes and after payments, Stampli automatically calculates the values. The following can be auto-calculated in Stampli:
- Total Before Tax
- Tax Code
- Tax Amount
- Amount
When any one of these fields is updated, the other fields will automatically re-calculate. This will allow you to capture the amount (e.g., tax amount or total before tax) as required by the tax authority, but that may not be shown in the invoice. This is also useful if you want to validate the tax calculation performed in the invoice.
Tax Calculations Made in Stampli Automatically Update Tax Amounts in ERP
After calculating the tax amount in Stampli, when the invoice is exported and a bill record is created in the ERP, the calculated amounts will also be updated in your ERP.
Get Exactly What You Need for Each Tax Requirement
Knowing that different tax authorities require different data, we’ve made flexibility a top priority when calculating and tracking international taxes in Stampli. Our aim here is that you can always get exactly the data you require depending on the situation, company, scenario, country or tax authority at hand.
For example, only have a few companies that require tax calculation? You can disable tax fields for companies that don’t have tax codes assigned to them while keeping tax fields enabled for the companies that do.
About Stampli
Stampli is the fastest way to process invoices from capture, coding, and approval all the way through to payment. Interested in learning more? Contact us.
