Important information regarding Brexit from 01.01.2021
Malene Hognaland Medhaug
started a topic
about 4 years ago
Classification: IMPORTANT
Following the withdrawal of the United Kingdom (UK) from the European Union (EU), there will be some changes in RamBase. From January 1st 2021 the UK will no longer be a part of the EU. This means that sales to the UK will get tagged with Export Sale instead of EU Sale. Purchases will get tagged with Import Purchase instead of EU Purchase.
With regards of accounting this means that RamBase now will use the default accounts that are connected to Export Sale and Import Purchase instead of EU Sale / Purchase. The default account setup can be found in the Default account (ACD) application under Finance and Base Registers in the RamBase menu.
Please be aware of any backlog if you have made any purchase orders or sale orders that are registered in 2020. When transferring these documents to a new document in 2021 any change in GL account and/or VAT code must be done manually. Hence, it is important that you keep close control over documents to and from the UK in the transition period to make sure that every transaction is correctly posted.
In addition to this change, RamBase will also add a new country code for Northern Ireland with code XI. This is because Northern Ireland will still be included in the EU with regards of trade. When selling or purchasing to/from a company in Northern Ireland, this customer or supplier must get the new country code, XI. This will tag the documents as EU sale/Purchase instead of Import/Export.
The country code for the rest of the UK will still be GB and this will tag the documents Export Sale/Import Purchase.
If you do have any questions about this, please contact our service desk.
Malene Hognaland Medhaug
Classification: IMPORTANT
Following the withdrawal of the United Kingdom (UK) from the European Union (EU), there will be some changes in RamBase. From January 1st 2021 the UK will no longer be a part of the EU. This means that sales to the UK will get tagged with Export Sale instead of EU Sale. Purchases will get tagged with Import Purchase instead of EU Purchase.
With regards of accounting this means that RamBase now will use the default accounts that are connected to Export Sale and Import Purchase instead of EU Sale / Purchase.
The default account setup can be found in the Default account (ACD) application under Finance and Base Registers in the RamBase menu.
Please be aware of any backlog if you have made any purchase orders or sale orders that are registered in 2020. When transferring these documents to a new document in 2021 any change in GL account and/or VAT code must be done manually. Hence, it is important that you keep close control over documents to and from the UK in the transition period to make sure that every transaction is correctly posted.
In addition to this change, RamBase will also add a new country code for Northern Ireland with code XI.
This is because Northern Ireland will still be included in the EU with regards of trade. When selling or purchasing to/from a company in Northern Ireland, this customer or supplier must get the new country code, XI. This will tag the documents as EU sale/Purchase instead of Import/Export.
The country code for the rest of the UK will still be GB and this will tag the documents Export Sale/Import Purchase.
If you do have any questions about this, please contact our service desk.