Search HansaManuals.com HansaManuals Home >> Standard ERP >> Default Accounts, Tax Templates and VAT Codes >> Default Accounts, Tax Templates and VAT Codes Previous Next Entire Chapter in Printable Form Search This text refers to program version 8.1 VAT Codes in Sales Transactions This page describes how VAT Codes will be chosen and offered as defaults in sales transactions, including Quotations, Sales Orders and Sales Invoices.--- Whenever you sell an Item, a VAT Code will determine the rate at which VAT will be charged on the Item and the Output VAT Account that will be credited with the VAT value. Each time you sell an Item (i.e. whenever you specify an Item in a row in an Invoice, Order, Quotation or other sales transaction), a VAT Code for that sale will be brought in to the V-Cd field on flip B of the sales transaction row. That VAT Code will be chosen as follows:
You will be able to override the choice of VAT Code in an individual Order or Invoice row if necessary, providing you are not using the VAT Code Control option on the 'VAT / Tax' card in the Account Usage S/L setting. If you are using the VAT Code Control option, a check will be made that the VAT Code specified in a transaction row is the same as the one specified for the Sales Account in the same row. If the VAT Codes don't match, you will not be able to save the transaction. Using the VAT Code Control option means that you will probably need to specify different Sales Accounts for Customers in the Inside EU and Outside EU Zones. This is because you will probably need to use different (zero-rated) VAT Codes with these Customers, but you can only specify one VAT Code in an Account record. Therefore, you will need separate Sales Accounts for each Zone, containing appropriate VAT Codes. By default, the same VAT Codes will be used in both Invoices and Credit Notes. If you would like to use different VAT Codes in Credit Notes, select the Use Credit Sales Accounts option on the 'Debtors' card of the Account Usage S/L setting. VAT Codes in Credit Notes will then be chosen as follows:
Please refer here for more details about VAT Codes. --- Go back to:
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