We’re excited to announce the release of the V2 Update for the GSQ Invoicing System at Grey Square (Private) Limited! This update is an important step in ensuring that our system is fully compliant with the latest ZIMRA requirements and offers an enhanced user experience.
What’s New in GSQ Invoicing System V2?
With the V2 Update, we’ve made significant changes to how taxes are applied to individual items on an invoice. According to ZIMRA’s new guidelines, each invoice item must have its own tax rate, which means that businesses must now specify the VAT applicable to each item separately. The new tax categories include:
- 15% VAT: Standard tax rate.
- 0% VAT: For specific goods or services that are zero-rated.
- Exempt: For items that are exempt from VAT.
This change ensures that your invoices are in full compliance with ZIMRA’s fiscalisation regulations and helps your business maintain proper tax records for Value Added Tax (VAT) administration.
How Does This Update Impact Your Invoicing Process?
In V2, the structure of the generated invoice has been adjusted to accommodate the requirement for item-level taxation. The key changes include:
- Item-Specific Taxation: Each item on an invoice will now clearly indicate its applicable tax rate (15% VAT, 0% VAT, or exempt).
- Enhanced Tax Reporting: The system will automatically calculate and display the tax amount per item, making your invoices more detailed and compliant with ZIMRA’s standards.
- Clearer Invoices: Your clients will see a more transparent breakdown of VAT for each item they purchase, which ensures clarity and compliance with the law.
Why Upgrade to V2?
- ZIMRA Compliance: The V2 Update is designed to fully comply with ZIMRA’s updated tax regulations, ensuring that your business stays in line with the latest fiscalisation standards. This reduces the risk of non-compliance and potential penalties.
- Better Tax Management: By specifying the tax rate for each item, businesses can accurately report and track VAT for each product or service. This makes tax filing simpler and ensures your accounting is up-to-date.
- Improved Invoice Clarity: The new structure provides greater transparency for both businesses and clients. Every item’s tax rate is clearly displayed, improving communication and making it easier for clients to understand their invoices.
- Seamless Upgrade: The V2 Update is already live and ready for you to upgrade to, ensuring a smooth transition to the new invoicing standards without disrupting your day-to-day operations.
Upgrade Now to Stay Ahead of the Curve
The V2 Update is now available and ready for you to implement. We strongly encourage all our clients to upgrade to the latest version as soon as possible to remain compliant with ZIMRA’s tax requirements and take full advantage of the new features.
Upgrading is simple, and our team is here to assist with the process, ensuring that you’re fully set up to generate tax-compliant invoices in no time.
How to Upgrade to V2?
- Contact Us: Get in touch with our support team to initiate the upgrade process.
- Implementation: We’ll assist you with a seamless transition to the latest version of the GSQ Invoicing System.
- Training & Support: If needed, we’ll provide training on how to use the new item-level taxation features, ensuring you’re ready to manage your invoices effectively.
Grey Square (Private) Limited: Your Partner in Tax Compliance and Efficiency
At Grey Square, we are always committed to providing innovative solutions that simplify business operations and ensure compliance with the latest regulations. With the V2 Update, the GSQ Invoicing System is even better equipped to handle your invoicing needs while keeping you fully compliant with ZIMRA’s fiscalisation standards.
Don’t wait—upgrade to V2 today to take advantage of the new tax features and stay on top of your VAT reporting requirements!
For more information or assistance with the upgrade, contact us today!
