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stockdining
Level 1

How do I change the VAT to 5 % for hospitality

 
1 REPLY 1
RaymondJayO
Moderator

How do I change the VAT to 5 % for hospitality

Let's go to the Taxes menu to change the VAT to 5% for hospitality, @stockdining

 

Here's how: 

  1. Select VAT from the Taxes panel. 
  2. Choose Edit rates from the Edit VAT drop-down list. 
  3. Locate the VAT for hospitality
  4. Click Edit from the Action column. 
  5. Change the percentage to 5%, set the Effective date, and review the Rate history.
  6. Select Save

 

The screenshots below show you the steps. For the detailed instructions, check out this article: Set Up And Edit VAT Settings, Codes, And Rates

ChangeTheVATRateForHospitality1.PNG

 

ChangeTheVATRateForHospitality2.PNG

 

Once done, you can now apply the new rate to your transactions. Here's what it looks like: 

ApplyVATForHospitalityToATransaction.PNG

 

Lastly, I recommend running the VAT Detail and Recent Transactions reports from the Reports menu. These will help you ensure the transactions you've created are allocated into the correct box when filing your return.

 

I'll lend a helping hand if you need anything else. Take care always.

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