VAT Types Interface

• QuickEasy BOS has features to expertly handle most countries’ VAT or GST requirements.
• The software is also suitable for organisations who are not registered for either VAT or GST.
• Organisations can create an unlimited number of VAT or GST Types and allocate a percentage to it.
• Default VAT/GST Types are chosen when creating Transaction Types, including whether the VAT or GST should be considered Input or Output. However, these defaults can be edited when transactions are entered (e.g. if the supplier is not registered for VAT).
• The documentation refers to VAT, but the concepts are the same for GST.

Navigation: Main Menu > Setup > Accounting > VAT Types (tab)

• VAT Types are selected when entering transactions. 
• The applicable percentage is removed from the transaction and posted to the VAT Control account.
• All income transactions should have a VAT Type so that your turnover balances to the declared VAT for sales and services (Output VAT).
• No VAT should be selected for Expenses or Purchases where the vendor/supplier is not registered for VAT, does not charge you VAT (e.g. zero-rated foodstuffs and petrol in South Africa), or you are not allowed to claim VAT Input credits (e.g. entertainment and refreshments in South Africa). 

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