ID #1478

How to change VAT Rate from 12.5% to 13.5% in RanceLab® FusionRetail™ 6?

 

Scenario: The government has decided to change the tax rate and the changes is to be applicable from a certain date.

 

Please follow the steps as given below to change new tax rate and update the transactions as per new rate for a certain period.


Step1:  Create a new tax master for changed tax rate. Please use below link for more detail;

How to create a tax Master in RanceLab® FusionRetail™ 6?

Step2:  Change 'Tax at Sale' and 'Tax at Purchase' of every products for those tax rate has been changed. Please use below link for more detail;

How to put tax on multiple products in one go?

Step3: Update transactions so that tax calculation changes as per new rate and the same changes effect on book of  accounts and others accordingly. Please use below link for more detail;

My accountant has forgotten to apply Vat 12.5 % on sales in the newly added product range. This come to notice after a day but some 100's bills are already made. How do we handle such situation?

 

 

For more detail please visit:

Tags: Information, Tax Master

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