VAT code info and actions
When trading is conducted, VAT must also always be taken into account. There are sufficient options within RentMagic to keep the administration of the VAT correct. RentMagic is also provided to conduct international trade, with all the associated possibilities to record VAT. A common way is to transfer VAT for foreign trade, for example within the EU, provided a VAT number is known and the customer can therefore also use the reverse charge rule.
The VAT within RentMagic is twofold: you can keep track of VAT codes and you can keep track of VAT obligations. VAT codes relate to articles / products. A VAT liability relates to the customer. During the trading process, RentMagic will charge the correct VAT for you to your customer. It is extremely important to set up the VAT administration well in advance, as it is very difficult to completely redesign the VAT accounting afterwards. This will then cause complications in your history.
VAT codes can be created as required. Different VAT rules apply in each country, as well as different VAT percentages. Within RentMagic you start with a clean slate, so you have to create the VAT codes first. The VAT codes you use are the codes that really apply to your trade. The two rates are often used in the Netherlands high and low, or 21% and 9%. In Belgium 21% and 6% respectively. These codes will then have to be created in the system.
The created VAT codes can later be selected per item. Each article therefore has a VAT code.
If higher B2C sales are generated abroad in international trade (different rules apply in many countries), these VAT rates can be created if desired. However, you do this via the VAT obligation module. In this module you determine which rates should be applied for which customer.
Settings> VAT> VAT codes
The overview of the VAT codes will now be opened.
Add VAT code
If you want to add a VAT code, click on new.
Fill in both fields on the screen and press save to save the data. Or press save and new if you want to create a new VAT code immediately.
Change VAT code
If you want to change an existing VAT code, double click the relevant VAT code in the overview. The VAT code details screen will then be opened and you can make your changes there.
After opening the screen you can then change the two fields and click on save to save the changes. Be careful with this, this is an unusual operation. If items are linked to the VAT code, this can affect the operation of the system. VAT rates can sometimes be adjusted. See paragraph Amendment of the VAT rates for more information about legislative changes.
Delete VAT code
To delete one or more VAT codes, select the check box in the overview and click delete. This is a special action, so pay attention before performing the action. If items are linked to the VAT code, it is not possible to delete a VAT code without further ado. See paragraph Amendment of the VAT rates for more information about legislative changes.
If you want to delete a VAT code, you will have to attach all linked articles to another VAT code before the removal can actually be performed.