VAT Code Information window—VAT - EC Sales view

VAT Code Information window—VAT - EC Sales view

The VAT Code Information window enables you to set up VAT codes that you can then assign to sales, purchases and other transactions.

In the EC Sales view of the VAT Code Information window, you set up VAT codes to use for sales that conform to HM Revenue & Customs rules governing intra-EC supplies. The VAT rate for these sales is 0%.

After you have set up your VAT codes, you can use them in your transactions.

Field Descriptions

VAT Code

Enter a three character VAT code.

When you enter sales or purchases, you can enter these letters to assign this VAT code to the transaction.

Enter a short description of the VAT code.

VAT Type

Select the type of VAT code you want to create.

This field displays the VAT rate for the selected VAT type. For EC Sales VAT codes, the rate is 0%, as you do not collect VAT on these types of sales. You cannot change this rate.

EC Reported Rate

This field displays the EC Reported VAT rate. For EC Sales, the rate is 0%, as you do not collect VAT on these types of sales. You cannot change this rate.

Linked Account for VAT Collected

Enter the account you use to track the VAT you collect from your customers. This is usually a liability account.

Linked Account for VAT Paid

Enter the account you use to track the VAT you pay to your suppliers. This is usually a liability account.

Linked Card for VAT Authority

If you have set up a card for HM Revenue & Customs in your Card File, select that card.

Click to create a new VAT code.

Click to save the entries you’ve made in this window.

Tips for this window

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Setting up VAT codes

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