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Tax rates


klingon2me

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Hi All

 

Last year our company applied for VAT registration.

 

The VAT rate at the time was 17.5%

 

While we were waiting for our VAT number we were forced to issue invoices that included the tax in the total amount and also put on an explanation of the circumstances.

 

We were then forced to re-issue each invoice with the tax rate showing when we had acquired our registration number.

 

This did not occur until AFTER the VAT rate had increased to 20% and thberefore we were in a situation where a large number of invoices had to be re-issued at 17.5% and a large number at 20%.

 

The problem is that when you set the rate to one or the other percentages, ALL the invoices assume that percentage.

 

This means that now we have a large number of invoices that show the wrong VAT rate and hence the wrong total value.

 

If anyone has any thoughts on how to get the two sets of invoices seperate again I would be more than grateful.

 

Regards

 

Chris O

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Here is an idea you could add a new vat (tax) rate at the old rate 17.5%. Then you would have to go through all the old invices and edit them and set them to the new vat rate you have made (17.5% one )this is what I done when the vat rate changed here in ireland last year

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Thanks MCGCS. The only problem I have with that (apart from the time spent doing it) is that when I bring up an invoice, I only have the option of Default or Exempt as the tax rate. Same on the customer record. How do I go about creating the new tax rate. Seems when I changed the rate to 20% I just overwrote the existing one which is obviously not the thing to do (with hind sight)

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