Concepts and Procedures
The handling of VAT may be handled in different ways from business to business. This section will help you map your particular business requirements to the features provided by Nolan Business Solutions’ Advanced VAT.
The following checklist outlines the basic tasks that you will perform using the Advanced VAT module. Keep in mind that every business’s needs are different and you will need to make modifications as necessary.
1. Enter setup information.
Before you can begin using the Advanced VAT Module, you’ll need to enter information so that the system will default vales correctly.
To set up the module, use the Tax detail window, the Account entry window and Mass Modify Window. These windows are used to set up Tax Detail information and the links the General Ledger accounts.
2. Enter Purchase Document Information
Enter Purchase invoices and Credit notes in the Payables Transaction Entry window on the Purchase Transactions Palette.
3. Enter Purchase Order Information
Enter Purchase Orders in the Purchase Order Entry, Receivings Transaction Entry and Enter/Match Invoices windows.
4. Enter General Ledger Journals
5. Run Part Recoverable VAT Allocation
6. Run VAT Reports
