To set up VAT rates

If you haven't already read the Dealing with VAT Overview, see Accounting Plus's VAT Features for more information.
  1. Select Lists on the menu bar at the top of your computer screen and select VAT Codes. The VAT Code List window appears.
  2. Click New to open the VAT Code Information window. You can also click the zoom arrow next to each VAT code to edit the VAT information on an existing VAT code.
  3. Enter the VAT rates that you need to assign to transactions in the Sales, Purchases, Spend Money and Receive Money windows. You may also enter a description.
  4. Each code should be set as "VAT," "VAT - EC Sales," or "VAT - EC Purchases."

Note: The N-T VAT code

Unlike all the other VAT codes, the N-T code cannot be deleted nor can you change the VAT Type or rate. This is because this code is used for transactions that are `Outside The Scope of VAT'. Transactions that use the N-T VAT code do not appear on the VAT Return or VAT Return [Cash] reports.

  1. Click OK when you're finished.