How do I credit items sold at a previous V.A.T. rate?

Summary

This article explains how to raise a credit note for items sold prior to the change in VAT rate.

United Kingdom Customers:  Current HMRC guidance given to us and to some of our customers states that credit notes for vat-able items sold before 4th January 2011 should be raised with V.A.T. at 17.50%, i.e. the rate prevailing at the time of the invoice.

More Information

Considerations

• Check that the goods were sold prior to 4th January 2011.
• If you have changed your retail prices, you will need to know the price you charged first time around.

Process

• Once you have decided that you need to credit the goods, you must exit from your current option back to a menu. For example, this could be the "Parts Counter" menu, the Stock Control menu, the Workshop menu, or the Unit Sales menu.
• From the menu, press <Alt+V> to confirm that you wish temporarily to change your V.A.T. rate to the old rate.
• Go back to the relevant programme and raise the credit note.
• Once you have completed the credit note, you must exit from your current option back to a menu as before.
• Your V.A.T. rate will now be reset to current V.A.T. rate.
• Carry on working as normal.

See also

• How do I edit VAT rates?
• How do I Change Prices in Platinum?

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Keywords AND Misspellings

credits, vat, 20.00%, 17.50%, hmrc, change, rate, v.a.t., invoice, value added tax, change vat