VAT Management

This section covers all features related to Value-Added Tax for registered businesses.

VAT Rates

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Here you can define all the VAT percentages your business uses (e.g., a standard rate of 15%, a zero rate of 0%). You can add, edit, delete, and set one rate as the default for new transactions.

VAT Periods

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You must define VAT Periods (e.g., monthly, bi-monthly) that correspond to your tax filing schedule. These periods must not overlap.

Closing a Period: This is a critical step. When you close a VAT period, the system calculates the net amount payable to or receivable from the tax authority and creates a settlement journal entry. You cannot post VAT transactions to a date within a closed period.

VAT Report

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This report provides a detailed breakdown of all VAT transactions within a selected period, showing the calculation for VAT payable and VAT receivable. It is the primary tool for completing your tax filings.