The 2024 Wave 2 release of Microsoft Dynamics 365 Business Central offers a groundbreaking feature: Multiple VAT Registration Numbers! πβ¨
As Microsoft Dynamics 365 experts, we've personally seen how this can transform operations for businesses operating across multiple EU countries.
We recently implemented this feature for a trading company expanding its operations into several EU countries. Before this update, managing VAT compliance was a complex, time-consuming task that often resulted in errors and inefficiencies. Each transaction had to be manually reviewed to ensure the correct VAT number and posting groups were applied, which was a tedious process.
With the new Multiple VAT Registration Numbers feature in Microsoft Dynamics 365, the company can now configure alternative VAT numbers and posting groups for different countries.
Business Central automatically applies the correct VAT number and corresponding posting groups based on the ship-to addresses on their sales documents.
This automation has revolutionised their financial operations.
Why This Matters to you:
π Seamless VAT Compliance: You can now manage VAT across multiple countries effortlessly, ensuring compliance with local regulations.
π Automatic Application: The correct VAT number is applied for each transaction, reducing manual errors and saving time.
π Boosted Accuracy & Efficiency: Financial operations are streamlined, allowing the team to focus on strategic growth rather than administrative tasks.
This update is a game-changer for any business looking to expand internationally while maintaining smooth and compliant operations. It underscores how Business Central continues to innovate, driving efficiency and accuracy for global businesses.
Note: This update has no charge for existing customers.
TL;DR: Microsoft Dynamics 365 latest update automates VAT compliance for businesses across multiple countries.