Ledger > Extra: VAT (Tax) Setup |
Top Previous Next |
You can setup your own Tax (VAT) system, specific to your country.
[Please note that by using the VAT Change module, you can automatically adjust the VAT from X % to Y % (in case of a VAT change) and simultaneously adjust the VAT on existing quotes, recurring invoices etc.]
Go to Ledger > Extra > Tax Setup
Hover the mouse over the different menu options. If the cursor changes to a hand (
), then click to go to the subject.
Steps.
Click on New Tax System
Type in:
•Description: Example Belgium
•Name Long: A longer description with an explanation if need be.
•Name Short: VAT (Try to use only 3 characters as this will print on certain invoices)
•Country: Select your country.
SI+ will now add certain required tax types and mark them as fixed. While you cannot change the description or class, you can adjust the tax rate to your specific rates.
If you need to add additional tax rates, such as an import luxury tax rate or a reduced tax rate, do so now.
Steps:
1. Fill in the VAT rate percentage.
2. Select the Class.
3. Assign a Code (e.g., IL for Import Luxury). This code will display on the forms where it is applicable, serving as a reminder of the tax type you are dealing with and assisting in selecting the tax type between different tax systems.
4. Click the Save button.
Selecting and Adding Tax Systems
1. Select Your Default Tax System:
•At the bottom of the screen, choose your default tax system. This system will be used as the default for all your customers. If no tax system is selected in the customer form, the default tax system will be applied.
2. Add Additional Tax Systems:
•Add any other tax systems you need. For example, if some of your customers live in another country and you need to pay a different tax to that country, include those tax systems as well.
Selecting the Tax System
1. Using the Dropdown:
•You can select the tax system to be used in the quote, sales order, job card, and invoice forms using the dropdown menu. It will default to the selected default tax system.
2. Adding Items to an Invoice:
•When adding items to an invoice with a tax type that is not the default, the system will attempt to find a tax with the same code in the customer's selected tax system.
•If there is no corresponding tax, the program will give the following warning: "Tax Not Part Of Selected Tax System." You will then have to manually select the appropriate tax for that specific item.
3. Stock Main form.
Select the applicable tax for each stock item. The default is: Normal Output/Input. The selectable taxes on stock master are from the default tax system. Remember you can do global changes on the Extended Item Lookup form.
Select the tax type for the specific customer.
Allow stock item to have input sales tax type. See Stock Items > Stock Options > General Tab
5. Supplier Master form.
Registered for VAT:
•Select the checkbox if the company is registered for VAT.
•If the checkbox is de-selected, the default tax type for all new stock items added will be Not Applicable.
Note:
If you use the siLink module, this setting will determine whether inclusive or exclusive prices are used. For more details, refer to the siLink documentation.
Input Tax - Customs VAT Code: ICU VAT 100%
This code was specifically added to handle the Customs VAT for imported goods.
If you use this VAT code on the Shipping and Other Costs tab in the GRV (Goods Received Voucher) then it won't affect your Landing Cost, and the total VAT amount can be claimed.
