Manage VAT Rate Changes
Apply new VAT rates
When reductions or increases in defined VAT rates take place, you have to apply the new rates from the date they come into force. To do that
1.Open the VAT rate you have to adjust.
2.Go to the Tax rate history section, and then add a new rate providing the date when it becomes valid.
It is recommended to enter new tax rates future-dated before you issue or receive sales/purchase/import documents to which the new rates are to be applied. For example, if VAT rate changes come into effect from December 1, 2017, you are advised to enter a changed rate future-based prior to the time it has to be used to eliminate the risk of applying old rates after the rate change date.
The changes will automatically come into force for directories, documents and transactions whose date is later than the date when the rate becomes effective.
If you want to adjust the rate in documents/directories or transactions that use the old rate, you can do that manually as follows:
1.Open a document/ directory created before the tax change date.
2.Click Update, and then reselect the VAT rate you want to update.
The rate will be updated for the directories and documents. However, if you want the changes to be reflected in the updated documents’ transactions, you should unpost and then repost those documents.
Reselect the VAT rate
1.Click the selected VAT rate, and then click the appread Cross (pic) sign to deselect the rate.
2.Select the same rate once again.
Edit existing VAT rates
You are advised not to edit any VAT rate details, except tax rate history, to avoid any errors in the system.
Delete VAT rates
You can delete VAT rates unless they are referred by other documents or directories.
To delete a VAT rate
1.Under the VAT tab, click VAT rate.
2.On the VAT rate listing page, select a table entry summarizing the VAT rate you want to delete.
3.Click the Selected button.
4.On the Selected menu, click Delete, and then click Yes.