Add or Edit VAT Code dialog box: options and information

On the Add or Edit VAT Code dialog box, you can add new VAT codes and rates or revise existing entries.

Open the dialog box

To open the Add or Edit VAT Code dialog box, point to VAT on the Company menu, click Manage VAT Codes and then click either the Add or Edit button.

Dialog box options

The dialog box contains the following options.

Option

Description

VAT code

(Required.) Enter a descriptive name for the type of VAT that you are required to collect and pay to HM Revenue & Customs.

Description

Type a more detailed description for the VAT code.

Active

Select this check box to make this VAT code available to be assigned to products or services on your sales and purchase forms.

Rate

Enter the VAT rate to be paid to HM Revenue & Customs.

If you are adding a new VAT code, the Rate field defaults to 0% and the As of field defaults to the first day of your company's first financial year.

If you are editing an existing VAT code, the arrow indicates the current rate and effective date. Enter new information in the next available row.

As of

Enter the effective date of the VAT rate. To enter a different date, click the As of field and then click the As of arrow to open the calendar. You can create a new VAT rate product line with any date including dates before the previous product line. (For example, Microsoft Office Accounting 2009 allows using the dates 1/1/2004 and 31/12/2003.) Office Accounting 2009 uses the As of date to determine which VAT rate to use so the order in which the product lines are added is irrelevant.

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