You can change VAT tax rates in Purchase Invoices - workflow and accounts payable in two ways, depending on whether the company uses VAT codes or VAT percentages.
IF USING VAT CODES
In case VAT codes are used, you can create entirely new VAT codes (recommended) OR you can change the existing VAT codes depending on the requirements of the basic system. If the accounts in the chart of accounts have been given default VAT codes, also these have to be replaced with new codes to expense accounts.
Creating a new VAT code
- Create new VAT codes in Registers - VAT codes view
- Click New
- Fill in the information for a new VAT and save the information by clicking Save
UPDATING ACCOUNTS
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VAT code changes need to be done also to the accounts
- Go to Registers - Chart of Accounts - Register upkeep
- Export the chart of accounts from Purchase Invoices - workflow and accounts payable to Excel by clicking Load
- Make VAT changes in Excel (Find/Replace) and save the corrected file in CSV format.
- Import the corrected Excel file back to Purchase Invoices - workflow and accounts payable with Register upkeep function. After this, the new VAT codes can be used.
Note! In case it has been defined in Settings - General - Other Settings that VAT processing can be modified, VAT code can also be changed when posting an invoice.
IF USING VAT PERCENTAGES
In case VAT percentages are used in Purchase Invoices - workflow and accounts payable, you need to create an entirely new account or change the existing VAT percentages, depending on the requirements of the basic system.
Updating accounts
- Go to Registers - Chart of Accounts - Register upkeep
- Export the chart of accounts from Purchase Invoices - workflow and accounts payable to Excel by clicking Load
- Make VAT changes in Excel (Find/Replace) and save the corrected file in CSV format.
- Import the corrected Excel file back to Purchase Invoices - workflow and accounts payable with Register upkeep function. After this, the new VAT percentages can be used.
Note! In case it has been defined in Settings - General - Other Settings that VAT processing can be modified, VAT code can also be changed when posting an invoice.