How do I edit VAT rates?
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Revision as of 08:43, 28 March 2012 by Richard Green (talk | contribs)
Summary
This article explains how to change the rates of V.A.T. in Platinum.
Details
Go to " Systems Reports & Settings Maintenance Options System Administrator V.A.T. Parameters".
 | PLEASE NOTE: If you do not have a "Systems" option, go directly to the Reports & Settings option or refer to a person with higher access rights |
There are 4 rates of V.A.T. that can be used. They change only with government legislation.
Changing V.A.T. Rates
The following parameters can be amended:
- "V.A.T. Returns Frequency : (Quarterly/Monthly/Bi-monthly)"
- "V.A.T. Rates :"
- Here you can update the V.A.T. rate percentages and descriptions.
 | Example: To alter the tax rate of V.A.T. rate 1 move to the "V.A.T. Rates :" prompt and change the rate from 17.5% to 20.00%. This will increase the rate of V.A.T. by 2.5% |
Other Considerations
- If you have a custom Report Generator report (i.e. one that had been written for your needs) that calculates the V.A.T. manually, this report may need to be amended to reflect the new rate. The above WILL not update the report. Please call our software support for further help after Tuesday 4th January 2011.
- If you have more than one company on your system (i.e. if there is more than one icon in the Platinum folder or on the Desktop to get you in to LIVE - e.g. not a test/training system) the above changes will have to be done for each company.
- If you use regular journals, you will need to recalculate V.A.T. amounts on any V.A.T. relevant nominal centres.
See also
