Value Added Tax Rates

VAT Rates

If needed, VAT rates can be calculated for any Cashbook Transactions. Selecting Setup>Vat Rates navigates the user to the Value Added Tax Rates screen. The VAT Amount is calculated as follows: Cashbook Transaction Inclusive Amount * (vatRate/(1 + vatRate). The VAT Rate applied must be between 0 and 1.

A rate can be added by selecting the Add button. The user enters the name, the rate (in decimal form) and the GL Account to which it applies.

Selecting Save will edit the rate and direct the user back to the VAT Rates screen.