VT Transaction+

VAT

• A zero rated transaction is evidenced by a VAT entry with a nil amount.

• A setting for each analysis account determines whether transactions with no VAT are treated as being outside the scope of VAT. Hence transactions such as interest payments and salaries are automatically excluded from the VAT return. There is no need to set a check box when entering the transaction as in the old VT Transaction.

• The VAT return backup report is now an on-screen report.

• All details of a VAT return (including the backup report) are saved in the company's data file. Hence there is no need to print out the backup report.

• The VAT on part paid invoices and payments on account is automatically processed when VAT cash accounting is in operation.

• VT Transaction+ supports an unlimited number of custom transaction types. These can be used to separately identify the VAT on different types of transaction for the purposes of partial exemption or retail scheme calculations.

• There is a column for recording the net amount of a transaction when making a journal entry to a VAT account.

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