The Various VAT types are setup under:
Setup, Global Tables, VAT
Click on NEW to create a new vat type.
Click on OPEN to open and existing vat type.
Click on DELETE to delete and existing vat type.
Click on SEARCH to search through the existing list of vat types
Click on CLOSE to close the vat types screen.
When selecting “New” or “Open” the following screen will appear to edit/change/complete:
|Key||The following Keys are automatically created at installation:
E – Exempt
S – Standard
Z – Zero Rated
|Description||Enter the description of the key.|
|Vat Rate||Enter the Vat Rate.
Note: The system provides for rounding to 1 decimal place
|Effective Date||Enter the effective date for the vat type to come into effect.|