If i change the VAT Rate in the software. Will this effect the creation of VAT Returns. What i mean is, if i change the rate, will all the Invoices to date have their VAT rate updated and therefore mess up the VAT Return for that quarter?
Hi Jim,
No, changing the default VAT rate has no effect on existing transactions - it only affect the default rate when you create a new transaction.
Regards,
Hi Kirsty,
I would just change the name of the 'Money To Be Banked' account to 'Cash In Till'. Then use this account when recording Money Paid Out transactions.
Regards,