VAT Codes - Flip A
- Code
- Each VAT Code record should be identified by a unique Code.
- Excl %
- Specify the percentage to be applied to a figure that excludes VAT in order to calculate the VAT amount.
- Incl %
- Specify the percentage to be applied to a figure that includes VAT in order to calculate the VAT amount.
- Outp A/C
- Paste Special
Account register, Nominal Ledger/System module
- Specify here the VAT Outputs Account to be credited whenever this VAT Code is used.
- In any Nominal Ledger Transaction resulting from Purchase Invoices from the EU Zone, VAT is debited to the Input Account of the selected VAT Code and credited to the Output Account. Therefore, it is recommended that a dedicated VAT Code be used for VAT on EU Acquisitions, with an Output Account that is not used in any other VAT Code.
- O/P A/C
- Paste Special
Account register, Nominal Ledger/System module
- This field is only used if the Book Receipt VAT option on card 1 of the Account Usage S/L setting is on. This will be the case for users of the Cash VAT scheme in the UK.
- If this field contains a value, the Outp A/C will be treated as a preliminary VAT Output Account, to be credited whenever an Invoice is approved. However, when the Invoice is paid, the VAT is moved from the Outp A/C to the O/P A/C. This therefore becomes the final VAT Output Account.
- If you are using this feature, don't forget to alter the definition of the VAT Report so that it uses this Account and not the Outp Account.
- Inp A/C
- Paste Special
Account register, Nominal Ledger/System module
- Specify here the VAT Inputs Account to be debited whenever this VAT Code is used.
- I/P A/C
- Paste Special
Account register, Nominal Ledger/System module
- This field is only used if the Book Payment VAT option on card 1 of the Account Usage P/L setting is on. This will be the case for users in Latvia and for users of the Cash VAT scheme in the UK.
- If this field contains a value, the Inp A/C will be treated as a preliminary VAT Input Account, to be debited whenever a Purchase Invoice is approved. However, when the Purchase Invoice is paid, the VAT is moved from the Inp A/C to the I/P A/C. This therefore becomes the final VAT Input Account.
- If you are using this feature, don't forget to alter the definition of the VAT Report so that it uses this Account and not the Inp Account.
- Description
- The description entered here will appear in the 'Paste Special' list, so should be detailed enough to ensure the correct VAT Code is always chosen.
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Introduction to Settings in the Nominal Ledger
