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VT Cash Book

Navigation: Value Added Tax

Entering VAT

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To enter VAT, simply enter the actual amount of VAT payable or receivable in the VAT column in the Payments And Receipts dialog. To quickly calculate VAT at the standard rate, press the * key when you are in the VAT column. If a transaction is zero rated, exempt, outside the scope of VAT or from an unregistered supplier, leave the VAT box blank or enter zero.

There is no option in the Payments And Receipts dialog to specify that a transaction is outside the scope of VAT. Instead, this is automatically determined by VT Cash Book based on the analysis account(s) selected (for more information on this, see the Net value of transactions topic).

The VAT rate(s) set up are for use as an aid to calculating the amount of VAT and have no other significance. You can alter or set up VAT rates by choosing the Set Up>VAT command and then by selecting the VAT rates tab.


Screenshot of a section of the Payments And Receipts dialog