Adding/Editing VAT Codes and Rates

Your IRIS Financials system is set up with the necessary VAT codes during implementation to comply with current legislation at the time of build. It may be necessary to add additional VAT codes, perhaps due to a rise in VAT.

On the VATRATES - VAT Codes ledger, the Analysis Fields must also be set to determine how transactions with the VAT code are managed and where they are included on the VAT100 report.

1. Select Maintenance, then select Keylists from the menu.
   

2. The Keylist Maintenance window is displayed. Select VATRATES from the left-hand panel.
   
   Current keylist entries (individual VAT rates) are displayed in the centre section.

   Do not select the DELETE button at the top of the Keylist Maintenance dialog as this will delete the selected keylist.

3. To add a new VAT rate, select ADD NEW, then select KEY.
   
4. Enter the VAT code in Key. This is the code users see when entering documents. It is recommended you keep the same naming convention as existing VAT codes.
   
5. The Title should be the name of the VAT rate. It is recommended you keep the same naming convention as existing VAT codes.
   
6. Leave Number as zero. The Value determines the percentage rate applied for the VAT rate.
   
   For a VAT rate of 21%, enter 21. You can enter a VAT rate up to 4 decimal places. For 17.5% enter 17.50 in Value.
   
7. The Text field should be left blank. If the new VAT rate only applies to the company you are logged in with, select Company Specific, otherwise leave deselected.
   
8. Select SAVE to save the new code.