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Important
Some of the functionality described in this release plan has not been released. Delivery timelines may change and projected functionality may not be released (see Microsoft policy). Learn more: What's new and planned
| Enabled for | Public preview | General availability |
|---|---|---|
| Users, automatically | - | Apr 2025 |
Business value
Effective from January 1, 2024, the Czech legislation, as part of the amendment to Act No. 563/1991 Coll. on Accounting, allows Czech companies to set a functional currency and thus keep accounts in a currency other than Czech. The companies can also use the Additional Reporting Currency functionality to track transactions in the local currency. Therefore, the additional reporting currency has been added to the VAT Return.
Feature details
Previously, under Czech legislation, VAT with a functional currency was handled only through the VAT Statement. The VAT amount was shown on the VAT statement in either the local currency or another reporting currency.
The VAT Return feature has been modified to show amounts in both the local and additional reporting currencies and to generate files for submitting the VAT return in the correct amounts according to Czech legislation. This is part of the extended option for reporting VAT through VAT Return.
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