To Switch from Standard Accounting to VAT Cash Accounting

1.   Open the Settings menu and choose Company Preferences.

The Company Preferences window appears.

2.   Click the Parameters tab and select the VAT Cash Accounting check box.

A warning message appears if you have any transactions that have not been VAT reconciled. If you have unreconciled any transactions, you are not able to change VAT schemes.

3.   Click OK.

You should now change the VAT codes to make sure that the VAT reconciled under the Standard VAT Accounting scheme is not reclaimed a second time under the VAT Cash Accounting scheme.

You must also check that any Customer or Supplier Payment On Account recurring entries are calculating VAT correctly.

Your next step...

To Change the VAT Codes

Related Topics

Switching from Standard Accounting to VAT Cash Accounting

To Prepare to Switch from Standard Accounting to VAT Cash Accounting

To Reconcile the VAT Return Under VAT Cash Accounting