If you use reverse VAT, it's currently not possible to assign multiple general ledger accounts to a single reverse VAT category in Mynt.
Instead, you can create a separate category in Mynt and assign a cost center to it under Tags.
How to set it up
1. Sync your tags
Start by syncing your Tags from your accounting system to Mynt.
Tags can include:
Cost center
Project
The exact steps may vary depending on which accounting system you use.
2. Create a new category in Mynt
Once your tags have been synced:
Go to Accounting settings.
Select the Categories tab.
Click Add category.
Give the category a descriptive name, for example:
Marketing outside the EU
IT Services within the EU
Or another name that matches the purpose of the account.
3. Configure the category
When the category has been created:
Select the correct Account number.
Enter the appropriate Sales tax %.
Select the appropriate Cost center under Tags.
Enable Category has reversed sales tax.
Once you've completed these steps, transactions using reverse VAT will be exported correctly to your accounting system.
Frequently asked questions
Can I assign multiple general ledger accounts to a reverse VAT category?
No. At the moment, Mynt doesn't support assigning multiple general ledger accounts to a single reverse VAT category.
Why should I use tags?
Tags, such as Cost center and Project, allow you to distinguish between different types of expenses while ensuring they're exported correctly to your accounting system.
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