From time to time some goods or services may become zero-rated, the VAT rate may change, new Tax categories or types may be imposed by legislation. These changes are usually set out in VAT legislation, guides and notices. Once Tax legislation is amended, you need to implement it on TurboCASH.

The following procedure needs to be followed in the case of Tax or VAT amendments:
Process all your transactions and post or update Batches (and post or update Documents (Invoices, Credit Notes, Purchases, Goods Returned documents if you are generating Documents)) to the Ledger, which is applicable to the period before the amendments take effect.
Create new Input and Output Tax codes on the Edit - Accounts - Tax Accounts menu option with their respective percentages and select the date, which these codes are to be used.
When you enter transactions in your batches, select the correct Tax code applicable to that period (if the date is before the effective date of the tax change, select the old code), or if the transaction date is after the tax change, select the new Tax code.

If you are trading in Stock Items, you also need to:-
Stock Items - If you are using Stock Items, you need to select the No Tax code for all your Stock Items (Input and Output Tax fields) on the Edit - Stock Items menu option. Once again, you need to make sure that all of your Documents (Invoices, Credit Notes, Purchases, Goods Returned documents) for the period before your de-registration date is updated or posted to the Ledger.

 

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