VAT Schedule Configuration + ASPIRE Usage

Please see the attached document for details.

A VAT Schedule presents the upcoming 12 months of scheduled invoice activity for a given contract. VAT Schedules are produced on an annual basis on the anniversary date of the contract commencement. When a contract is rewritten or new charges are added, a finance company will produce a new VAT Schedule for their customer.

While VAT Schedules are widely used by UK finance companies, a lessee/borrower must be provided an invoice document OR a VAT Schedule.

1. If the customer does not receive invoice documents, they must be provided a VAT Schedule.
   
2. If they are provided a VAT Schedule, they do not require invoices following the contract payment frequency.
   

Typically finance companies operate to their customer’s preference. VAT Schedules and/or invoice documents are used by lessees/borrowers during their VAT return submissions.

ASPIRE offers the ability to configure VAT Schedule templates and generate historic + current schedules for their customers. Configuration of VAT Schedules in ASPIRE differ from the traditional document template configuration methods, The attached document covers how a VAT Schedule is configured and a schedule batch is generated. 

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