Value-Added Tax (VAT)
Overview
For better transaction organization purposes, account admins, card admins, and bookkeepers can enable the separate tracking of Value-Added Tax (VAT) on transactions, and have that information exported to your ERP or via universal CSV. Please reach out to Brex Support to get started.
Set up VAT tracking
After Brex Support enables VAT tracking for your account, you can set up VAT tracking for each relevant entity.
For NetSuite users
Step 1: In your dashboard, go to Accounting, click Manage accounting fields > Entity settings. Step 2: Click on the entity you want to enable VAT tracking on and click Tax codes. Step 3: Toggle on Enable tax codes for this entity and select which tax codes you want your employees to see. If you don’t see this option, make sure you’ve mapped this entity to the appropriate entity in Netsuite and refresh your connection. Step 4: Select the VAT general ledger account where Brex will post VAT to in your NetSuite instance. Step 5: Select which tax codes you want your employees to see.
For custom CSV users
Step 1: In your dashboard, go to Accounting > Manage accounting fields > Mappings. Step 2: Click on the entity you want to enable VAT tracking on and click Tax codes. Step 3: In the Tax codes section, click Create your first tax code. Step 4: Here you can create, delete, enable, and disable tax codes. For each transaction, employees can only select from enabled tax codes.
Require VAT information for expenses
Once VAT is set up, enable Require VAT documentation on your policies so the relevant tax tracking fields appear to your employees. Required VAT documentation typically consists of an invoice and a tax rate. An account or card admin can upload this for card expenses or reimbursement requests by following the steps below. Step 1: Add VAT information to any team member’s expense by locating it in either the Expenses or Accounting page. Employees can add VAT information to their expenses by clicking on it in the Wallet page. Step 2: In the details pane for the expense, you can select the appropriate tax rate and upload a tax receipt.