VAT duty info and actions
As already explained in the module VAT codes, VAT works in two parts within RentMagic: VAT codes affect items, VAT obligations affect customers. VAT obligations are mainly important for conducting international trade. If no use is made of international trade, then VAT obligations do not have to be set up. If desired, ask your accountant about this.
Each article is given a VAT code. These VAT codes are created in the VAT codes module.
If higher B2C turnover is generated abroad in international trade (different rules apply in many countries), then these VAT obligations can be created if desired. In this module you determine which rates should be applied for which customer. In the VAT obligation overview it is possible to manage VAT obligations. Make sure that the VAT codes have already been created.
The following example shows an overview of VAT obligations.
A VAT code is always linked to an item, an obligation is always linked to a customer. This means that during the trading process, for example when creating a rental order, when adding an item, it is first checked (1) in which VAT code the item is allocated. Subsequently (2) it is examined which obligation applies to the chosen customer with this order. The system then selects the correct VAT obligation number. The corresponding percentage, which you see in the rightmost column, is entered on the line of this order. Of course, a different VAT obligation number may apply to each order line. It is fiscally mandatory to show the correct VAT rates on the reports, such as an order confirmation or a printed invoice. Also at the bottom of the report it is wise to show the VAT bases, this can be perfectly set in the RentMagic report generator. The VAT bases are already included in the standard attached reports in RentMagic.
Settings> VAT> VAT liability
The overview of VAT obligations will now be opened.
Add VAT duty
If you want to add a VAT obligation, click on new.
When creating a VAT obligation, you fill in all fields. Press save to save the data. Or press save and new if you want to create a VAT liability immediately.
Change VAT duty
You can change an existing VAT obligation. Double-click the relevant VAT liability in the overview. The VAT obligation details screen will then be opened and you can make your change there.
While changing a VAT obligation, you can change the fields and click on save to save the changes. Be careful with this, this is not a common practice.
Delete VAT duty
To remove a VAT obligation, select the check box next to the VAT obligation number and click delete. This is not a common operation, so pay close attention before performing this operation. If VAT obligations are used, it is not wise to remove a VAT obligation. Consult with your bookkeeper or accountant if desired.