Hi, I'm very interested in solar accounts but before purchasing (going to try free trial first) I have a question on VAT.
My first VAT qtr is under the normal scheme.
My 2nd qtr is under the flat rate scheme.
How would i go about setting this up? Will it make a mess of my first qtr when i set up frs?
Many thanks
Hugh
Hi Hugh,
Solar Accounts can handle this situation. Once you have entered all the transactions in your first VAT quarter, click menu Setup > Contact Details & VAT > Click here to use the flat rate scheme. Tick the flat rate box then enter the flat rate percentage figure.
Note that if you use the 'cash method' for calculating your VAT return figures, you should also set the flat rate percentage figure on each invoice that is unpaid when you start the Flat Rate Scheme. To do this, open the invoice window and click the small 'Up' arrow next to the VAT Treatment box.
Regards
