How do I credit items sold at a previous V.A.T. rate?

Summary

This article explains how to raise a credit note for items sold prior to the change in VAT rate.

United Kingdom Customers:

Current HMRC guidance given to us and to some of our customers states that credit notes for vat-able items sold before 4th January 2011 should be raised with V.A.T. at 17.50%, i.e. the rate prevailing at the time of the invoice.

Check that the goods were sold prior to 4th January 2011.
If you have changed your retail prices, you will need to know the price you charged first time around.

Once you have decided that you need to credit the goods, you must exit from your current option back to a menu. For example, this could be the "Parts Counter" menu, the Stock Control menu, the Workshop menu, or the Unit Sales menu.
From the menu, press <Alt+V> to confirm that you wish temporarily to change your V.A.T. rate to the old rate.
Go back to the relevant programme and raise the credit note.
Once you have completed the credit note, you must exit from your current option back to a menu as before.
Your V.A.T. rate will now be reset to current V.A.T. rate.
Carry on working as normal.