Creating VAT Accounts/Periods

There may come a time when you need to create additional VAT accounts in PS Accounting. VAT accounts are set up monthly or quarterly as standard.

Creating new VAT accounts should be completed by your System Administrator.

1. In IRIS Financials, select Masters > Accounts and double-click VAT Accounts.
   
2. Click the Add button on the Account Maintenance - VAT Ledger window.
3. In the New Account window, enter the name for the new Account. Please ensure you keep the same format as the existing account codes. Click the OK button.
4. Enter a Title for the VAT account. This should also be in the same format as existing accounts.
   
5. Enter the applicable Start Date and End Date for the VAT account. The following example shows a monthly VAT account.
6. The account will default to Open. We would recommend setting this to Close if the account is not required to be used when it is set up. To do this, tick the Close box and click the Apply button.
   
7. On the General tab, ensure the Access Level is 3, the Input Allowed box is ticked and the Initial State is set to Open.
8. Repeat for any other VAT accounts required.