General VAT settings

General VAT settings.

Here is a summary of the various VAT settings.

Are you registered for VAT?
Choose 'Yes' to enable VAT.
Reporting basis:
Choose between ‘Accrual’ and ‘Cash’ for VAT calculations. If you are using the VAT ‘Flat Rate Scheme’ you must choose accrual reporting.
Default sales figures:
Do you want to enter transactions with VAT already added (VAT inclusive)? Or before VAT is added (VAT exclusive)?
Default VAT account for sales:
which account should VAT amounts be posted to?
Default VAT account for purchases:
which account should VAT amounts be posted to?
You should normally leave these accounts as the defaults.
Allow users to:
choose whether or not VAT amounts can be edited and whether or not the ‘VAT inclusive/exclusive’ toggle can be changed for each transaction.
You may wish to seek guidance from a suitably qualified accountant or bookkeeper on the best VAT schemes and settings for your business.

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