Hiya,
Unfortunately :D - in Austerity torn Ireland we have had to impliment a VAT RATE increase from 21% to 23%. Up to end of December 2011 the STANDARD RATE is set to 21%, now I need to charge 23% from 1 Jan 2012.
Can i just change the Standard Rate to 23%? Will this affect passed transactions added pre 1 Jan 2012? What is the best way of dealing with this??
Aidan, Cork, IRELAND
Hi Aidan,
Sorry to hear about the VAT rate increase! The simplest approach is to enter all your transactions up to 31 December 2011, then change the default VAT rate as described here:
http://www.solaraccounts.co.uk/help/how-to-change-default-vat-rate.php
(Changing the default VAT rate has no effect on existing transactions).
Then enter the transactions from 1 January onwards. (If you have already started entering January transactions you can simply edit the transaction and type over the VAT rate).
Regards,
