What is the VATRATES ledger?

A standard set of VAT Rates are provided in the VATRATES - VAT Codes account.

VAT Rates cannot be changed. If the rate changes you must create a new VAT key and account.

To help determine the correct VAT Code account settings, we recommend copying an account for the VAT rate closest to the new VAT rate being added.

To create a new VAT account:

1. For the VATRATES ledger, select ADD NEW, then ACCOUNT.

2. Select Analysis Fields, then select the required options.

   Analysis Fields must be selected to determine how the VAT rate is managed in IRIS Financials, and which boxes on the VAT 100 report transactions should be included for.

   • VAT Include in Taxable Suppliers Calc — include transactions with the VAT rate in the partial VAT calculations.

   • VAT included in Box — select the boxes transactions must be included in on the VAT 100 report.