Setting up VAT codes

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Setting up VAT codes

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Reporting VAT > Setting up VAT codes

Setting up VAT codes

VAT codes are used to track VAT paid to and by your business. Each VAT code represents a particular type of VAT, which is used to calculate VAT on your transactions.

AccountEdge software has a list of VAT codes that can be used in a variety of situations—for example, when doing business with EC customers or when tracking capital acquisitions and so on. You can also create an unlimited number of VAT codes. For more information on setting up VAT codes for EC sales and EC purchases, see EC sales and EC purchases.

To add a VAT code

1	Go to the Lists menu and choose VAT Codes. A list of VAT codes appears.

2	Click New. The VAT Code Information window appears.

3	In the VAT Code field, type a VAT code (consisting of one, two or three characters) and press Tab.

4	Complete the Description, VAT Type and Rate fields.

5	Select the linked account for VAT collected or paid. This field is only available for some tax types.

6	Click OK when you have finished. The new VAT code you have added will now appear in the VAT codes list.

Assigning VAT codes to accounts

Assigning VAT codes to items

Assigning VAT codes to cards

■	VAT reports

■

■	EC purchases

■	Entering sales

■	Entering purchases

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