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Changing the standard rate of VAT
It is important to note that the standard VAT rate set up in VT is used as an aid to calculation only. What actually matters is the amount of VAT entered in the VAT boxes in the transaction entry dialogs. Hence it is possible to enter invoices at both the old and the new rates concurrently. The only exception to this is if you are using VT Transaction+ to issue and print sales invoices. The VAT on these invoices is calculated at whatever rate is set up for the company.
VT Transaction+ and VT Cash Book
The standard VAT rate is stored in each company/business data file in VT Transaction+ and VT Cash Book. To change the standard VAT rate in a company ('the company VAT rate'):
You need to do the above for each company/business data file.
If you are using VT Transaction+ to issue and print invoices, you must set the company VAT rate to the correct rate. If you have to issue an invoice or credit note at the old rate, you need to temporarily change the company VAT rate back to the old rate. However, if a credit note is for an entire invoice, it is easier to create it by clicking on the invoice in any report with the right mouse button and choosing Raise Credit Note from the pop-up menu. The VAT rate on the credit note will be the same as the original invoice and hence there is no need to temporarily change the company VAT rate.
If you edit a saved invoice by clicking on it with the right mouse button and choosing Edit Transaction from the pop-up menu, the VAT rate set up when the invoice was entered will be retained. However, there is an Update VAT rates option in the Edit Transaction dialog. This changes the rate to the current company VAT rate.
When a VT Transaction file is converted to VT Transaction+, the company VAT rate is initially set to the global rate set up for VT Transaction at the time of conversion.
When a new company/business file is created in VT Transaction+ or VT Cash Book, the company VAT rate is based on the rate set up in the chart of accounts template used.
The old VT Transaction
The standard VAT rate is stored globally in VT Transaction and applies to all companies. To change the rate, you must be logged in with administrator rights (if you are the only user of the computer this will automatically be the case). To change the VAT rate:
You need to do the above for every PC from which you use VT Transaction.