Difference between revisions of "How do I credit items sold at a previous V.A.T. rate?"
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(New page: {{Review}} == Summary == This article explains how to raise a credit note for items sold prior to the change in VAT rate. {{Warning|text="'''United Kingdom Customers''' - Current HMRC gu...) |
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This article explains how to raise a credit note for items sold prior to the change in VAT rate. | This article explains how to raise a credit note for items sold prior to the change in VAT rate. | ||
| − | {{Warning| | + | {{Warning|title=United Kingdom Customers|text= |
| + | *Current HMRC guidance given to us and to some of our customers states that credit notes for vat-able items sold before 1st December 2008 should be raised with V.A.T. at 17.5%, i.e the rate prevailing at the time of the invoice.}} | ||
| − | {{Warning| | + | {{Warning|title=Republic of Ireland Customers|text= |
| + | *Please check with the Revenue as to what rate of V.A.T. should be applied for credit notes for vat-able goods sold before 1st December 2008.}} | ||
== More Information == | == More Information == | ||
| Line 13: | Line 15: | ||
=== Process === | === 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 should be the Parts Counter menu, or the Stock Control menu or the Workshop menu, or Vehicle Sales menu. | + | * 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 should be the "Parts Counter" menu, or the "Stock Control" menu or the "Workshop menu", or "Vehicle Sales" menu. |
* '''From the menu''', press {{KeyPress|Alt-V}} and you will be asked for the V.A.T. rate. | * '''From the menu''', press {{KeyPress|Alt-V}} and you will be asked for the V.A.T. rate. | ||
| − | * | + | * Confirm that you wish to temporally change your V.A.T. rate to the old rate. |
* Go back to the relevant programme and raise the credit note. | * 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. | * 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. | * Carry on working as normal. | ||
| − | == See | + | == See also == |
*[[How do I edit VAT Rates?]] | *[[How do I edit VAT Rates?]] | ||
| + | |||
| + | {{Current}}{{FAQ}}{{KB_Tags|credits, vat, 17.5%, 21%, HMRC}} | ||
Revision as of 12:37, 28 November 2008
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This article or section is under review. Be aware: Content may change as the document is reviewed. |
Summary
This article explains how to raise a credit note for items sold prior to the change in VAT rate.
 | United Kingdom Customers:
|
| Republic of Ireland Customers:
|
More Information
Considerations
- Check that the goods were sold prior to 1st December 2008.
- 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 should be the "Parts Counter" menu, or the "Stock Control" menu or the "Workshop menu", or "Vehicle Sales" menu.
- From the menu, press <Alt-V> and you will be asked for the V.A.T. rate.
- Confirm that you wish to temporally 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
