Reviso provides by default a list of the most common UK VAT codes. Just go to Settings > All settings > Finance > VAT codes.
You can also create new VAT codes should you so wish, or edit the existing ones when needed.
How to create a new VAT code?
In order to create a new VAT code, click on New VAT Code.
You will see the following window, where you shall provide the adequate information.
Here are a few explanations regarding the New VAT Code window.
Choose the adequate type of transaction for the VAT code from sales, purchases, or purchases from abroad.
The rate type specifies the type of operation according to the previously selected field (e.g. operation of goods, services or imports).Please note: depending on the rate type you define, the transaction will be registered in one of your VAT models. Therefore, pay special attention to these two fields.
That is the code you will see when entering to your invoices. It shall be easy to identify, so it does not take you a lot of time to distinguish the corresponding rate and VAT type. It is important to know that this field supports a maximum of 5 characters and once saved, it can not be edited.
Enter the name defining your VAT code.
Enter the VAT percentage to be applied in your operations when using this VAT code.
Based on your chart of accounts define the type of account you want to use.
This field is enabled only in the case of operations regarding investments of a taxable person. In these operations, a note is made in the input VAT account and another in the VAT account passed, therefore, we will have to define the 2 accounts in the same VAT code.
The accounts that have been used in Reviso, cannot be eliminated. Therefore, we offer you the option of Access. All your accounts are defined with an Open access by default. This means that they are available for accounting. If you select the access as Barred, the account will be excluded and blocked from your chart of accounts. You will no longer be able to use it in your entry registers, therefore, you will avoid possible errors.