VAT 2015 Early Settlement rule change

[ontracks]

Hi Everyone,
I've rather belatedly realised the rules for VAT on Early Settlement or PPD are changing in April 2015.

I've spoken to Sage and effectively Sage Line 50 can't handle the simplest option as it stands.

I've read their guidance which is rather lacking in help but there is a work around.
I've improved it further, but I'm hoping someone with knowledge of Formulas in Report Designer can improve on it.

Here is my solution to the work around (copied from the sage forum)
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Hi, Thanks for the reply. As I don't have Sage Cover I have had to create my own invoice.

As I plan on not issuing Credit Notes I need to amend my invoice. My solution is more elegant than yours as it handles different early settlement discounts for different customers - but I think it can be improved further.
For other business owners struggling with how to do this, a more detailed set of instructions of what I did are as follows:
1. Print a copy of an existing, un-posted invoice for comparison.
2. Edit your existing invoice template in Report Designer. Remove the Early settlement % and Early settlement £ fields from the bottom of the invoice.
3. Go to customer record, change to zero on Tab 3 the early settlement percentage (Sett Discount field)
4. On customer record go to Tab 2, add the early settlement discount into analysis 1.
5. Open a test invoice, click the A/C drop down and refresh the invoice terms. The total VAT amount and Invoice totals are now correct for the new rules.

6.Edit invoice template in Report Designer again. Add a text field with the new mandatory wording. leave a space where the payment discount X percent should be shown and just place a % in the space.
7. Still in report designer, now create a Data Field using 'Invoice - Analysis 1' as the data element. Now place this box on top of your text box - immediately over the space you left where the discount % should be.
8 Save and print the invoice - you now have the wording and variable discount for each customer appearing on the invoice.

NOW - It could be better than this.
I really want to show the Early settlement net amount and the reduced VAT component. But with the early settlement in an Analysis 1 field I don't think I can do that. Does anyone have a formula to do this?

This is the recommended wording from HM Revenue
“A discount of X% of the full price applies if payment is made within Y days of the invoice date. No credit note will be issued. Following payment you must ensure you have only recovered the VAT actually paid.”

[brucedenney]

Updates are available for all supported versions of Sage 50 (V2011/V17 and later)

KB article 32645 contains full details

as I understand it the updates are available to anyone, you may need to log in to "my sage" to download them. Mine just updated thought updates.

[brucedenney]

You can do it, even though it is in the analysis field

The problem is that the field is not numeric so before you can do maths with it you need to convert the contents into a number using the function StringToFloat("A string containing a number to convert.")

You don't need to do this, the update makes the Settlement discount just a value so it no longer alters the amount posted to the ledger.

The pain of the process is that you now need to create a credit note for the discount and match it against the unpaid part of the invoice.

I am toying with the idea of writing a tool "Sage prompt payment discount invoice - credit note creator tool", that looks for part paid invoices, finds the invoice in the invoicing module, gets the PPD from it, check the settlement days, compares it to the unpaid amount, generates a credit note and matches it against the part paid invoice.