How do I credit items sold at a previous V.A.T. rate?
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Revision as of 11:04, 28 November 2008 by Charles Allison (talk | contribs) (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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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 1st December 2008 should be raised with V.A.T. at 17.5%, i.e the rate prevailing at the time of the invoice. |
| "Republic of Ireland Customers - 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
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.
- Type '17.5%' and press <Enter>.
- 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.
- From the menu, press <Alt-V> and you will be asked for the V.A.T. rate.
- Type '15%' and press <Enter>.
- Carry on working as normal.
