Update VAT Rate in Batches

Editing Outstanding Batches to Update VAT Rate to 15%

• You will first need to have changed the Vat Rate percentage from 14% to 15% in the Tax tables.

Banking

• Edit the Bank Account (Banking| List Bank Accounts & double click on each bank account)

Recurring Banking Transactions

• Go to the Recurring Transactions tab.
• Edit each transaction where the Target Account is Nominal Ledger and there is a VAT value.
• To auto refresh the Vat value, just re-enter the Amount of the transaction and the Vat will be recalculated.
• Save the transaction.
• Repeat until all your transactions have been updated.

Batched Transactions

• Go to the Batched Transactions tab
• Edit each transaction where the Target Account is Nominal Ledger and there is a VAT value.
• To auto refresh the Vat value, just re-enter the Amount of the transaction and the Vat will be recalculated.
• Save the transaction.
• Repeat until all your transactions have been updated.

Customer & Supplier Journal Batches

List the batches (Customers| Sales Journal Batches| Sales Journal Batches Due to be processed OR Suppliers| Purchase Journal Batches| Purchase Journal Batches Due to be processed

• Edit a batch
• Edit each transaction in the batch which has Vat (Invoices, Credit Notes).
• To auto refresh the Vat value, just re-enter the Amount of the transaction and the Vat will be recalculated.
• Save the transaction.
• Repeat until all the transactions have been edited.
• Save the batch.
• Do this for all outstanding batches.

General Journal Batches

List the batches (General| General Journal Batches| General Journal Batches Due to be processed)

• Edit a batch
• Edit each transaction in the batch where the Target Account is Nominal Ledger and there is a VAT value.
• To auto refresh the Vat value, just re-enter the Amount of the transaction and the Vat will be recalculated.
• Save the transaction.
• Repeat until all the transactions have been edited.
• Save the batch.
• Do this for all outstanding batches.

Nominal Ledger Journals

List the batches (Ledger| Journal Batches| Journal Batches Due to be processed)

• Edit a batch
• Edit each transaction in the batch which posts to the VAT Control Account.
• The debit or credit amount will need to be adjusted to the new 15% rate.
• Save the transaction.
• Repeat until all the transactions have been edited.
• Save the batch.
• Do this for all outstanding batches.