How to change the VAT Rate

Introduction

This topic explains how to change the VAT Rate within the Accounts Production module.

1. From the Accounts Production toolbar, select Setup | VAT Rate

The following screen displays.

2. Complete the Description field.

3. Select the Input or Output option.

4. Select the required Rate type from the drop-down menu as displayed below:

• If the Standard option is selected from the drop down field, the Rate (%) field must be completed.

5. Select the relevant option from Default VAT account section.

6. If you have selected the Account to be supplied on VAT posting entry option, follow from step 10. Alternatively if the option Default account applies to Standard charts or Default account applies to Enhanced charts are selected, go to step 7.

7. Click the magnifying glass next to Default Vat account / sub –account field.

The following screen displays.

8. Highlight the relevant account code and click Select.

9. Click OK and then Close.

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