Difference between revisions of "How do I credit items sold at a previous V.A.T. rate?"
From Catalyst
Line 1: | Line 1: | ||
− | |||
== Summary == | == Summary == | ||
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|title=United Kingdom Customers|text= | {{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.}} | + | * 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|title=Republic of Ireland Customers|text= | {{Warning|title=Republic of Ireland Customers|text= |
Revision as of 10:01, 3 December 2008
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> to confirm that you wish to temporarily 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