19 Apr Arcus working with Acumatica for UK VAT Compliance
The senior consulting team at Arcus completed a conference call with Acumatica Founder and Chief Technology Office Mike Chtchelkonogov on Friday 17th April, 2015, to discuss changes in the core Accounting functionality of Acumatica to bring it in line with new VAT regulations for Prompt Payment Discounts.
These changes will provide functionality that will create credit memos that offset original invoice amounts against payments where cash discounts (Prompt payment discount or Early payment discount) are taken by customers, and automatically apply them. The new functionality is currently slated to be ready for Acumatica 5.2 to be released later this year.
Acumatica UK users are welcome to contact Arcus on info(at)arcus-universe.com for temporary workaround measures and customisation options, while we await the new features.
Arcus Head of Services Tony Jukes comments, “Working directly with Acumatica’s development team, we were able to work through the issue and arrive at a solution that would have taken far longer using the normal channels, this ensured a swift resolution for our clients.”
We will make sure we keep Acumatica UK users up to date on testing results as soon as possible.