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Update VAT Rate in Batches

1. 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.

2. Banking

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

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.



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