This is a notice to let you know that some upcoming changes on how we treat disbursements in client invoices. This is a fix aimed at improving the accuracy and simplicity when using our platform. Although the issue posed to harm to the users, we recognised it causing inconveniences and therefore solved it to provide a seamless experience.
At Timesheet Portal, we are constantly working on optimising our features to take as little effort as possible, without sacrificing the efficiency. Minor tasks stack up when repeated, and since our mission is to win your time back, we make small changes that bear big significance. It is therefore encouraged you get in touch if you find a feature mildly inconvenient.
Currently, when a contractor submits an expense with disbursements and you invoice your client for it, the built-in ‘Zero percent’ tax rate is being applied. Whilst this has no effect on your tax liability, it is incorrect as there is no tax applicable. It should, therefore, use a ‘No Tax’ rate. To aid this change, we have introduced a new built-in tax rate "NoTax (sales)" and "No Tax (expenses)". These tax rates will now be used when invoicing your disbursements to clients instead of the previous "Zero Percent" tax rates.
To ensure uninterrupted continuity in your processes, we have copied your previous "Zero Percent" tax rate mappings to the new "No Tax" rate. So, if you are exporting to an accounting package, your exports will remain as they are.
You do, however, now have the choice to go to your accounting export settings (e.g. for Xero or QuickBooks) and update the tax rate mappings so that the new "No Tax" tax rate is mapped to the appropriate tax rate in your accounting package. To do so, go to Settings > Integrated Apps and choose your accounting package. From the accounting package integration page, click on Map Tax Rates.
At Timesheet Portal, we are always looking for ways to give our clients as much value as we can. All of our updates and changes begin with you. Therefore, if you have any complaints, suggestions or would just like to provide feedback - we are waiting to hear from you.