I was merrily using the flat rate % in Solar accounts for the first year of VAT registration (13.5% less 1%) and entered all of the income/exp for that particular period. I then changed the % to 13.5 and carried on and entered items for the next 3 months (Jan,Feb and Mar). I have now realised that I was using the incorrect rate and that the rate changed to 11.5% for the 3 months in question and am wondering how to deal with this in Solar accounts as I thought if I change the rate in Solar now it will only apply it to future entries and will not go back ? Will I have to delete the incorrect items where 13.5 has been used, change the rate in Solar to 11.5% and enter them again ?
VAT is a whole new world ! hope this makes sense, many thanks
Hi Angela,
No, you don't need to delete any transactions. However, you will need to edit each transaction and set the correct flat rate percentage. To do this, open the transaction window and click the small 'Up' arrow next to the VAT Treatment field, then set the flat rate figure.
Regards,
