Forum Message

VAT Rate change

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?


Posted by Jim Thurston on Nov 23, 2010 6:27 PM GMT

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,


Posted by Mark McLaren (Solar Accounts) on Nov 24, 2010 10:36 AM GMT

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,


Posted by Mark McLaren (Solar Accounts) on Nov 24, 2010 10:37 AM GMT