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To simplify bookkeeping and improve accuracy, we’re enhancing our current net settling process to include VAT on transaction fees. Starting February 1st, VAT on transaction fees will be net settled daily with each transaction, rather than calculated at the end of the month. This update is designed to streamline your accounting process and reduce end-of-month reconciliation. Please be aware that Febuary 1 is a Saturday which means you won't be able to see the VAT on the transaction fee until Modays payout has been done.

Monthly transaction statement: New summary document
At the end of each month, you’ll receive a transaction statement summarizing your total transaction fees and applied VAT for the month. This document replaces the previous monthly invoice and will be available in the Invoices and Statements section of Portal. Historical invoices will also remain accessible in this section.

If you have an accounting integration
If you use an accounting integration, Portal now offers extra functionality:

• VAT mapping for transaction fees: Set up VAT mappings in your accounting integration for a seamless flow of VAT data.
  You do this by following these steps:
  logging into the portal - integrations - accounting - click on your company - select your point of sale under Location - Account mapping - Payments Account - Add.
  There you select the account you wish to map the VAT for the transaction fee.**
  If you haven't already mapped the transaction fee, you can add it as well here.