Difference between revisions of "How do I credit items sold at a previous V.A.T. rate?"
From Catalyst
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== 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 | + | * Current HMRC guidance given to us and to some of our customers states that credit notes for vat-able items sold before 1st January 2010 should be raised with V.A.T. at 15%, i.e. the rate prevailing at the time of the invoice.}} |
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== More Information == | == More Information == | ||
=== Considerations === | === Considerations === | ||
− | * Check that the goods were sold prior to 1st | + | * Check that the goods were sold prior to 1st January 2010. |
* If you have changed your retail prices, you will need to know the price you charged first time around. | * If you have changed your retail prices, you will need to know the price you charged first time around. | ||
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*[[How do I edit VAT Rates?]] | *[[How do I edit VAT Rates?]] | ||
− | {{Current}}{{FAQ}}{{KB_Tags|credits, vat, 17.5%, | + | {{Current}}{{FAQ}}{{KB_Tags|credits, vat, 17.5%, 15%, HMRC}} |
Revision as of 13:09, 18 November 2009
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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:
|
More Information
Considerations
- Check that the goods were sold prior to 1st January 2010.
- 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