Change VAT Value in FMS

[Ambient]

So the VAT is back up, and the office are getting on my case to change the value of VAT in FMS back to 17.5%

 

My technician who used to look after Sims has recently left, and i forgot to ask how to perform the action of setting/changing the value of VAT in FMS.

 

Does anyone know how to do this? (before i have to call our LEA support line)

 

Many thanks

 

Aaron

[superfletch]

KB94209 - Changing VAT from 15% back to its original 17.5%

 

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Created 04/12/2009

Last Updated 02/02/2010

 

 

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Affected Products FMS

 

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Notes How can the VAT rate in FMS be changed from 15% back to 17.5%?

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Advice In accordance with the announcement on 24th November 2008, the VAT standard rate will return to 17.5% from 1 January 2010 pending confirmation in the pre-budget statement next week.

 

Schools should ensure that any income which includes an element of VAT and has been recorded prior to 31st December 2009 has been banked within FMS. Additionally, any Accounts Receivable Invoices or Credit Notes that include an element of VAT prior to 31st December 2009 should be printed.

 

 

The following adjustments will need to be made in FMS to accommodate these VAT changes assuming that an existing VAT Input ledger code (linked to Expenditure ledger codes) and VAT Output ledger code (linked to Income ledger codes) already exists within FMS. These changes will take effect immediately within FMS hence should not be undertaken after 1st January 2010. The actions will not update any VAT ledger code already associated to a transaction.

 

Task: 1 Update Expenditure (EX) ledger codes with an existing 15% VAT ledger codes

 

Menu Route: Tools | General Ledger Setup | Ledger Codes

 

Review and update the default VAT ledger code to an existing 17.5% VAT Input code

 

 

Task: 2 Updating Income (IN) ledger codes with an existing 15% VAT ledger codes

 

Menu Route: Tools | General Ledger Setup | Ledger Codes

 

Review and update the default VAT ledger code to an existing 17.5% VAT Output code

 

 

Task: 3 Updating Accounts Receivable Products

 

Menu Route: Accounts Receivable | Tools | Products

 

Review and update the default VAT ledger code to an existing 15% VAT Output code. This is required to be undertaken even if the Income ledger code has been updated as indicated 3 above as an Income code can be used for both vatable and non vatable income i.e. Lettings.

 

 

 

Please note – Capita Children Services can not advise upon any accounting or financial procedures issues that relate to the changes in VAT from 1st January 2010. These queries should be forward to the appropriate colleague within your Local Authority.