Set Up VAT Rates
To set up a new VAT rate
1.On the Codejig ERP Main menu, click the VAT module, and then select VAT Rate.
A listing page of the VAT Rate directory opens.
2.On the listing page, click + Add new.
You are taken to a page for setting up a new VAT rate.
3.Define the VAT rate:
- Provide a name for the VAT rate.
- Select a VAT type from the list of pre-defined types.
- Specify a country where the VAT rate is applicable (information that enables Codejig ERP to suggest correct VAT rates for use in sales and purchase documents after the system has established what type of VAT transaction is relevant in a particular business situation. For example, if you trade with other countries, VAT treatment of cross-border transactions must be implemented. However, if you purchase or sell goods/services within your country of residence, domestic VAT is applied. For information how the system figures what type of VAT transaction it has to deal with, see VAT Registration.For detailed information about VAT rates suggested for use in each specific VAT situation, see the explication of the VAT field for any sales process document. ).
- Select a VAT account for accumulating input VAT charged at this VAT rate.
- Specify a VAT account for accumulating output VAT you charge at this rate.
- In the Tax rate history section, enter the relevant rate in % along with the date on which it becomes effective.
The page for defining new VAT rates consists of the following sections:
- General area
- Accounting section
- Tax rate history section
To be able to save new VAT rates, you have to fill in the required fields which are marked with an asterisk (*).
VAT Rate: Accounting Section
VAT Rate: Tax Rate History Section
Manage VAT Rate Changes