http://wiki.e-conomic.co.uk/ 2012-05-16T16:07:49+02:00 http://wiki.e-conomic.co.uk/ http://wiki.e-conomic.co.uk/lib/images/favicon.ico text/html 2012-05-16T15:53:05+02:00 Jacqui http://wiki.e-conomic.co.uk/settings/vat?rev=1337176385&do=diff If you decide to accept a default setup your VAT codes will be automatically created for you within your agreement and act as a default whenever you select a particular nominal code from your chart of accounts. However, if you are creating your own chart of accounts you can create your own or additional ones to the existing default ones should you need to. text/html 2012-05-16T15:35:58+02:00 Jacqui http://wiki.e-conomic.co.uk/settings/vat-rate-type?rev=1337175358&do=diff VAT Rate Types explained Click on the drop down and you will see 6 options available. These are used in conjunction with the other VAT critea and will result in the following in your VAT return:- Rate Type Rate % Impact on VAT ReturnStandard Select Standard rate type then enter the current Standard VAT rate percentage 20% Sales If used when creating a Sales VAT code the VAT element of your sales invoice will be placed in box 1 and the net value in box 6. Purchases If used when creati… text/html 2012-05-16T08:30:49+02:00 Jacqui http://wiki.e-conomic.co.uk/settings/vat-account?rev=1337149849&do=diff VAT Account Numbers VAT Account - This refers to the VAT control account. If you have selected a default setup these will be 2201 for any VAT codes you create for Sales (Output) VAT and 2201 for any VAT codes you create for Purchase (Input) VAT. You can click on the search icon to the right of the box, this will give you the COA's to select from. text/html 2012-05-16T08:29:54+02:00 Jacqui http://wiki.e-conomic.co.uk/settings/vat-rate?rev=1337149794&do=diff VAT Rate percentage VAT Rate - enter the percentage rate, UK standard rate is currently 20% enter this as 20.00 Go back to the main VAT page text/html 2012-05-16T08:29:03+02:00 Jacqui http://wiki.e-conomic.co.uk/settings/vat-types?rev=1337149743&do=diff VAT Type VAT Type - Select from the drop down if the code you are creating relates to Sales or Purchases Go back to the main VAT page text/html 2012-05-16T08:24:13+02:00 Jacqui http://wiki.e-conomic.co.uk/settings/vat-name?rev=1337149453&do=diff VAT Name Name - Enter a description of your VAT code e.g. Purchases/standard Go back to main VAT page text/html 2012-05-16T08:23:31+02:00 Jacqui http://wiki.e-conomic.co.uk/settings/vat-codes?rev=1337149411&do=diff In your E-conomic agreement the standard VAT codes for domestic sales and purchase transactions have been created for you in a default setup along with EU goods, sales and purchases. However, should you require to create new VAT codes an understanding of how these are created is required. text/html 2012-05-15T13:36:35+02:00 Jacqui http://wiki.e-conomic.co.uk/report/vat-return?rev=1337081795&do=diff Selecting your Scheme and running your VAT Return In E-conomic you have the option to select the VAT scheme prior to running your VAT Return. Here you can enter the 'From' and 'To' date for your VAT return. Select your VAT scheme from the drop down list, then click OK. text/html 2012-05-15T11:55:51+02:00 Jacqui http://wiki.e-conomic.co.uk/report/how-to-produce-a-flat-rate-vat-return?rev=1337075751&do=diff Principles of Flate Rate VAT If your VAT taxable turnover is less than £150,000, you could simplify your VAT accounting by calculating your VAT payments as a percentage of your total VAT-inclusive turnover. Although you cannot reclaim VAT on purchases - it is taken into account in calculating the flat rate percentage - the Flat Rate Scheme can reduce the time that you need to spend on accounting for and working out your VAT. Even though you still need to show a VAT amount on each sales invoice,…