If your business makes sales and purchases, you're probably very familiar with the concept of including VAT on the transactions you conduct with your customers and suppliers, and you know how important it is to track these amounts carefully.
To help you keep on top of VAT, MYOB Accounting Plus usesVAT codes. Each VAT code represents a particular VAT rate, which is used to calculate VAT on your transactions. You'll set up the codes using the Tax Code List window which can be found by choosing VAT Codes from the Lists menu. Whenever you enter a transaction that should be taxed, you'll assign a specific code to each line item in the transaction. The VAT code's rate then will be multiplied by the amount of the line item to determine your VAT amount.
The N-T VAT code is the system default VAT code. This means it is the default code if no VAT code exists in the customer's Selling Details, supplier's Buying Details, Default Customer or Supplier Terms, items' Selling or Buying Details and Activity Profile windows. It is also the default code when the first account, activity or item is created for a session. The N-T code cannot be deleted or renamed nor can you change the VAT type (VAT) or rate (0%).
Click below for the step-by-step procedure:Dealing with VAT Table of Contents