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Vat Rate Has Changed
Omni FAQ Support
Changing the VAT rate
1. How do I change the VAT rate on 1st April 2018?
If you have any outstanding batched transactions, or invoices which still need to be processed for periods before the new rate is effective, then post these first.
Then, go to General|Tax Rates|List Tax Rates.
This will show you all your tax codes you currently have set up. You will need to find all the codes using the old rate and change them to the new rate where appropriate.
If you will be needing to back post at a later stage using the old rate, then you will need to create a new code called something like “Old VAT Rate @ 14%” to use for that purpose.
2. What will changing the VAT rate do?
Once Omni has posted a transaction (and it is no longer editable) that transaction will keep the vat rate used at the time of processing. So, you will be able to go back and reprint invoices for previous periods without the VAT totals having changed, and your VAT Return will reflect the correct VAT values (as long as you used the right VAT code when posting)
On un-posted items however, the same also applies. Because you can override the calculated VAT amount, the vat amount needs to be stored and does not refresh (unless you change something, such as the exclusive amount or rate). This means that you will need to
edit your outstanding batches
, namely Nominal Ledger Journals, Customer and Supplier Journal Batches, and Batched and Recurring Banking Transactions (where you are posting payments directly to nominal ledger expense accounts).
Sales Orders, Proforma Invoices, Quotes, Recurring Invoices and Purchase Orders
are a bit different, as they do not have VAT override capabilities. They do however store what the rate was (for each line item) at the time of saving the document. This does not however refresh automatically when invoicing the document. We have created a script for 7.16.63 that will refresh all the vat rates for all outstanding Sales Orders, Quotes, Proformas , Recurring Invoices and Purchase Orders. Let us know if you use any of these and we will send you the script to refresh the VAT rate on those documents. Note this script only runs on the latest version of Omni Accounts 7.16.63. If you are not on the latest version then you will have to manually edit and amend the documents.
If your Selling Prices are marked as Inclusive of VAT, you will need to update them to reflect the new VAT Rate. You can do this manually by editing each Stock Item, by exporting the Stock Codes and Selling Prices into Excel and working out the new price and then importing back into Omni or by using Price Update Batches.
Please note that auto posting Settlement Discounts, once you have changed your VAT Rate, will post the credit at the new VAT Rate. If you need to post at the old VAT Rate please use the Journal Settlement Discount option.
3. How do I go about crediting an old invoice after 1st April 2018?
When doing a credit note for an old invoice, if you do not edit the line at all, just post the whole document as is, then it will keep the 14% VAT rate. As soon as you edit a line though, the VAT rate will refresh to 15%. So, to be on the safe side, you may prefer to do all old credit notes using your new 14% VAT code created for this purpose.
4. Will I be able to report the14% and 15% figures separately on my VAT return?
At this stage (24 Feb 2018) SARS have not announced what changes there will be to the VAT201, but it is quite likely they will want to see the figures split between those charged at 14% and those charged at 15%. In Omni this is not a problem. On the VAT return, click the relevant button to drill down to the VAT transactions making up each figure. Make sure your grid is grouped by VAT Rate (not VAT Code). The sub-totals on the grid for each rate will then give you the relevant figures.
Update: 2 May 2018
SARS are not making changes to their return to cater for the mixed rates in the March-April 2018 period. Since their return needs the VAT to match the Inclusive value in Box 1, they have asked that you put the 14% values into the boxes usually used for credit notes and other adjustments.
Note: this only applies to the 2018 04 VAT return, you should not have any 14% invoices on the returns after this. Only credit notes may be at 14%, and Omni automatically puts credit notes into the adjustment box, so those going forward will not be a problem.
How do I see how much of box 1 was 14%?
When preparing your VAT return, double-click the box to drill down to the transactions.
Group by VAT Rate (NB. use VAT Rate, not Vat Code).
Note the VAT and Inclusive totals.
Make a note in your VAT memo as to how much you manually transferred to the adjustments.
Omni FAQs Support
Back to FAQs
1. Where can I get help getting started with Omni Accounts?
2. How can I add my logo and banking details to my invoices?
1. How do I correct a processed transaction?
2. Why can't I edit or delete a processed transaction?
3. Why can't I edit my unprocessed banking transaction?
4. Can't I just delete all my transactions and start over?
1. How do I delete accounts?
2. Why can I only deactivate an account, and not delete it?
3. How do I reactivate a deactivated account?
Remote Desktop / Terminal Services
1. What is remote desktop?
2. Why is it useful?
3. What is the difference between Remote Desktop and Terminal Services?
4. Does the client I am logging in from also need to be a windows PC?
VAT Rate Change
1. VAT rate has changed
2. Up date VAT rate in batches
1. When do I need to process a Year End?
2. Once I have done a Year End, will I still be able to post to the previous financial year?
3. What does processing a year end do?
4. How to Process a Year End
5. How do I go about entering adjustments given to me by my accountant?
6. I can't copy my Company
7. I need to process for the next Financial year, but the menu options are all greyed out.
8. How do I print a Balance Sheet?
9. Do I need to pay anything to be able to work in the new financial year?
10. I cannot process the year end due to the nominal ledger being out of balance.
11. I cannot process the year end due to the system thinking users are logged in
12. How do I reverse a Year End?