Vat Codes

The VAT codes and rates used throughout the system are set up and maintained in the General Supporting Files. You can set up an unlimited number of VAT codes, specifying for each one the rate as a percentage, and the General Ledger control account.

When specifying the General Ledger VAT control account, you can browse on cost centres, account codes and posting codes.

Other accounts defined on the VAT code record also include the following, if your system is set up to use European Tax:

For VAT Registration: Pending VAT account
Contra VAT account
For Non-Recoverable VAT and if your system is set up to use Location Codes: Non-recoverable debit account
Non-recoverable credit account
For VAT Clawback: Clawback account
Settlement discount account (if the system key CESPLITSD = YES)
For Prepayments, if your system is set up to use Prepayments: Prepayment control account
Prepayment account

Refer to European VAT Requirements for further details.

If Purchase Order Processing is installed, you must specify the VAT service code that is used in Purchase Invoicing, against each VAT code.

 

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