VAT groups are used in conjunction with multi-currency options. They allow VAT groups to correspond to a particular country or currency and will allow VAT control accounts in both foreign and base currency. As a result the same VAT code can be used in multiple groups [e.g. VAT code S could be used for VAT Group UKL and YEN but could have a different percentage rate for UKL than it does for YEN] Upon entry into the menu option, the user can choose to display the grid of existing VAT groups,[or display in column format, which is the default], create or delete a group or even run an ad-hoc report on the available groups.
To View / Amend VAT Groups:
From the Autoline master menu select the Nominal Ledger option and the company you require.
Select VAT options.
Select the VAT groups option.
The VAT groups form is displayed.
CREATION
Click the Create button, and the following fields will need to be populated
Code: Enter new code. Single character alphanumeric.
Description: Description of the code. Nine description fields exist for multi-language purposes.
Currency Code: Three-character code to determine the currency applicable to the VAT code being created.
SL Vat Adjustment code/ PL Vat Adjustment Code : VAT adjustments will be in the currency of the VAT group, for the Sales Ledger or Purchase ledger. Posting routines will check the settlement discount flag on the VAT group record and postings will split the discount between goods and VAT using the VAT adjustment expense codes.
Note: Any remittance runs are restricted to a single VAT group.
Settlement Discount : Some European countries do not allow VAT to be adjusted via settlement discount as is the case in the UK Therefore there is a choice of either G for Goods or T for Total. Goods will net the VAT as normal UK concepts. Total will show the full invoice value and the discount will be applied at cash posting stage.
Instrastat Group?: Is the VAT code within a European Union member state.
BUTTONS:
Exit: Exits the option.[Enabled when in display mode]
Help: Displays online help in your default company browser
Save: Saves the changes you have made.
Cancel: Cancels any actions made so far.
Ad-Hoc: Enables the user to run an enquiry using the fields contained in the VAT groups file
Grid: This displays all of the groups in the file at once in a grid format, rather than a column format.
Sort: To sort the codes in ascending or descending order. This can be used in conjunction with the Start and Finish buttons.
Create: Creates the codes in the manner described above
Delete: Deletes an existing VAT code. Select the VAT group required and click the delete button.
Next: Enables the user to scroll forwards through to the relevant group to amend or delete. This only applies when the Column display is selected.
Previous: Enables the user to scroll backwards through to the relevant group to amend or delete. This only applies when the Column button is selected.
