The procedure to define a VAT type parameter value is as follows:
- Navigate to Quick Menu > System > Configuration > VAT Types. The VAT Details window is displayed.
- Click on New VAT Type. All fields are activated ready for data entry.
- Using the Company drop-down field, multi-select all companies for which this VAT type is relevant, or choose the All option, as required
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- Enter a VAT description into the field provided e.g. Standard rate, Zero rated, Exempt, etc.
- Using the VAT recoverable type drop-down field, select the classification for the VAT type i.e. Fully Recoverable, Non Recoverable or Part Recoverable.
- Click on Save
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Tip
1 Where only a small number of parameter values are not required, activate the All tick box first and then de-select individual items from the full list, as required; the All tick box will be automatically removed once an item is de-selected.
Note
1 There is no limit to the number of VAT types that can be maintained on the system.
See related topics...
System parameters overview
To define a percentage rate for a VAT type
