VAT Code |
Use up to three characters to enter a code for the VAT record you're creating. Each time you enter a transaction in the Sales or Purchases window, you'll be able use this VAT code to assign this VAT to the transaction you're creating. |
Description |
Enter a description for the VAT code you've entered. We recommend that your description be short and easy to remember. |
VAT Type |
Select the VAT type that applies to the VAT code you're creating. In Accounting Plus, there are three VAT types: VAT - This VAT type is associated with the standard rate set by the Government, which is currently 17.5%. However, some goods and services attract different VAT rates. For example, most foodstuffs are charged at 0%. VAT - EC PURCHASES - This VAT type is associated with the VAT used when making a purchase that conforms to Customs & Excise rules governing intra-EC supplies. The VAT Rate is set to 0%, as you are not charged VAT on the purchase. However, the amount of VAT you WOULD HAVE PAID had you purchased in the UK, will appear on your VAT reports. VAT - EC SALES - This VAT type is associated with the VAT used when making a sale that conforms to Customs & Excise rules governing intra-EC sales. No VAT amount will be tracked on the sale. The VAT Rate and EC Reported Rate are set to 0%, as you are not collecting VAT on the sale. |
New button |
Click this button to open a new VAT Code Information window and create a new VAT code. |
OK button |
Click this button to accept the entries you've made in this window. |
You reach this window by clicking the New button in the VAT Code List window (or any of the views of the VAT Code Information window). Initially only three fields appear, but when you enter a new code, the remaining fields are displayed and the VAT type will default to the type that was highlighted in the VAT Code List window.
Information about the other fields in the window, which vary based on your type selection, can be seen in the descriptions of each view of the VAT Code Information window:
VAT Type view
VAT - EC Purchases Type view
VAT - EC Sales Type view