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Accounting for the VAT Rate Change
Following the reduction in the VAT rate from 17.5% to 15.0% from the 1st December:
1. On Monday 1st December select Module/Nominal Ledger/Settings/VAT Codes and change all 17.5's to 15.0. (You will have to be the only user in the system.)
2. Create a temporary VAT code on the first empty line (e.g. "T") and make the rate 17.5% using the same output and input Nominal Codes.
All December transactions will automatically use the new rate of 15%, including invoices created from orders/quotations which had the 17.5% rate. Any transactions before the 1st December should be entered using the new temporary code - take care with records such as sales invoices and purchase invoices which are created after 1st December but dated before 1st December, as you will need to (manually) change the standard VAT code on each line to the new temporary VAT code.
Following the reduction in the VAT rate from 17.5% to 15.0% from the 1st December:
1. On Monday 1st December select Module/Nominal Ledger/Settings/VAT Codes and change all 17.5's to 15.0. (You will have to be the only user in the system.)
2. Create a temporary VAT code on the first empty line (e.g. "T") and make the rate 17.5% using the same output and input Nominal Codes.
All December transactions will automatically use the new rate of 15%, including invoices created from orders/quotations which had the 17.5% rate. Any transactions before the 1st December should be entered using the new temporary code - take care with records such as sales invoices and purchase invoices which are created after 1st December but dated before 1st December, as you will need to (manually) change the standard VAT code on each line to the new temporary VAT code.
We looked at a range of ERP software but abs provided us with a system that was unrivalled in terms of flexibility, scalability, and ease of use
Paul Cooper,
Managing Director of Ormandy
