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Accounting for the VAT Rate Change in January 2010
Following the increase in the VAT rate from 15.0% to 17.5% from the 1st January:
1. On Friday 1st January, select Module/Nominal Ledger/Settings/VAT Codes and change all 15.0's to 17.5. (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 15.0% using the same output and input Nominal Codes.
All January transactions will automatically use the new rate of 17.5%, including invoices created from orders/quotations which had the 15% rate. Any transactions before the 1st January should be entered using the new temporary code - take care with records such as sales invoices and purchase invoices which are created after 1st January but dated before 1st January, as you will need to (manually) change the standard VAT code on each line to the new temporary VAT code.
Following the increase in the VAT rate from 15.0% to 17.5% from the 1st January:
1. On Friday 1st January, select Module/Nominal Ledger/Settings/VAT Codes and change all 15.0's to 17.5. (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 15.0% using the same output and input Nominal Codes.
All January transactions will automatically use the new rate of 17.5%, including invoices created from orders/quotations which had the 15% rate. Any transactions before the 1st January should be entered using the new temporary code - take care with records such as sales invoices and purchase invoices which are created after 1st January but dated before 1st January, as you will need to (manually) change the standard VAT code on each line to the new temporary VAT code.
A lot of companies are claiming to offer truly integrated business systems, but of all the products we looked at Hansa Financials was the only application immediately available that could deliver the level of integration we were looking for within a single underlying database an application language. Combined with its low cost of ownership, this provides Hansa Financials with a clear advantage over its competitors.
Malcolm Cowling,
Head of Finance at Topcon (Great Britain) Ltd
