VAT Class Maintenance

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Purpose

Maintain value-added tax (VAT) class codes.

Overview

Use VAT Class Maintenance to create, update, copy, and delete VAT class codes. VAT class codes are used to control VAT rates for products or charges in countries that require VAT calculations. Each VAT class code can include multiple rates for specific periods of time, and be associated with a VAT exempt reason code. You can also associate general ledger accounts with each VAT class for account resolution for VAT postings.

After you create VAT class codes, you can assign the codes to specific product categories, products, additional charges, and/or products/locations.

Creating VAT Class Codes

To create a VAT class code:

Click the New button in the ribbon.
Enter the country for the VAT class code in the Country field.
Enter the VAT class code in the VAT Class Code field.
Enter a name for the VAT class in the VAT Class Name field.
Enter a description of the VAT class code in the Description field.
If the VAT class code is not active, clear the Active check box.
If the VAT class code is the default for input or output VAT, select the Default Output VAT Class and/or Default Input VAT Class check box.
Enter a VAT exempt reason code associated with the VAT class code in the VAT Exempt Reason Code field.
Enter the taxation rate percentage associated with the VAT class code in the VAT Rate field.
Enter the first date that the rate you entered in step 8 is effective in the Effective Date field.
Click the Enter button.
Repeat steps 8 to 10 for all rates for the VAT class code.
If you want general ledger accounts to resolve from the VAT class, click the Accounts tab, and enter the accounts.
Click the OK button in the ribbon. The VAT class code is created.

Ribbon Home Tab Buttons

Button	Description
Exit	Click this button to close the VAT Class Maintenance window.
New	Click this button to create a new VAT class code. This button is only available if the Main or Accounts tab is displayed.
Update	Click this button to update the selected VAT class code. This button is only available if the Main or Accounts tab is displayed.
Copy	Click this button to copy the selected VAT class code. This button is only available if the Main or Accounts tab is displayed.
Delete	Click this button to delete the selected VAT class code. This button is only available if the Main or Accounts tab is displayed.
OK	Click this button to accept an action. This button is only available after you click the New, Update, Copy, or Delete button in the ribbon.
Cancel	Click this button to cancel an action. This button is only available after you click the New, Update, Copy, or Delete button in the ribbon.
Show Data	Click this button to display products/locations assigned to the selected VAT class code. This button is only available if you click the Product Inquiry tab.
First	Click this button to display the first VAT class code.
Prev	Click this button to display the previous VAT class code.
Next	Click this button to display the next VAT class code.
Last	Click this button to display the last VAT class code.
Attachments	Click this button to display Attachment Entry, which allows you to view and enter attachments for a selected VAT class code. This button is only available if the Main or Accounts tab is displayed.
Notes	Click this button to display Notes Entry, which allows you to view and enter notes for a selected VAT class code. This button is only available if the Main or Accounts tab is displayed.

Fields and Buttons

Field or Button	Description
Country	Enter a country code for the VAT class code, or click the Lookup button to select a country code. You can only select a country if VAT is enabled for the country. For information on setting up country codes, see Country Maintenance.
VAT Class Code	Enter a VAT class code, or click the Lookup button to select an existing VAT class code. You cannot update this field for an existing VAT class.
VAT Class Name	Enter a name for the VAT class, or click the Lookup button to select an existing VAT class name. You cannot update this field for an existing VAT class.
Navigate by	Select whether to navigate by VAT class code or name when using the First, Prev, Next, and Last buttons in the ribbon.

Main Tab Fields and Buttons

Field or Button	Description
Description	Enter a description of the VAT class code.
Active	Select this check box if the VAT class code is active. This check box is selected by default, and is only enabled if the Default Output VAT Class and Default Input VAT Class check boxes are cleared.
Default Output VAT Class	Select this check box if the VAT class code is the default output VAT class code for the country. This check box is only enabled if the Active check box is selected.
Default Input VAT Class	Select this check box if the VAT class code is the default input VAT class code for the country. This check box is only enabled if the Active check box is selected.
VAT Exempt Reason Code	Enter a VAT exempt reason code associated with the VAT class code. For information on setting up VAT exempt reason codes, see VAT Exempt Reason Maintenance.
VAT Rate	Enter a taxation rate percentage for the VAT class code.
Effective Date	Enter the first date for which to use the entered VAT rate, or click the drop-down arrow to select the date. If a VAT rate was previously set up for the VAT class, it will expire the day before this date.
Enter	Click this button to enter the VAT rate for the VAT class code.
Remove	Click this button to remove the selected VAT rate in the VAT Rates grid.
VAT Rates	This grid displays VAT rates for the selected VAT class code.

Accounts Tab Fields and Buttons

Field or Button	Description
Input VAT Clearing	Enter all or part of the input VAT clearing general ledger account to use when resolving the account from the VAT class, or click the Lookup button to display G/L Prompting, which allows you to select all or part of an account by element. For more information on input VAT clearing accounts, see VAT Account Resolution. Note You can enter asterisks (*) for account elements you do not want to resolve from the VAT class. You must enter an asterisk for each digit in the account element. For example, if an element has a length of four, you must enter four asterisks.
Input VAT	Enter all or part of the input VAT general ledger account to use when resolving the account from the VAT class, or click the Lookup button to display G/L Prompting, which allows you to select all or part of an account by element. For more information on input VAT accounts, see VAT Account Resolution. Note You can enter asterisks (*) for account elements you do not want to resolve from the VAT class. You must enter an asterisk for each digit in the account element. For example, if an element has a length of four, you must enter four asterisks.
Input VAT Write-off	Enter all or part of the input VAT write-off general ledger account to use when resolving the account from the VAT class, or click the Lookup button to display G/L Prompting, which allows you to select all or part of an account by element. For more information on input VAT write-off accounts, see VAT Account Resolution. Note You can enter asterisks (*) for account elements you do not want to resolve from the VAT class. You must enter an asterisk for each digit in the account element. For example, if an element has a length of four, you must enter four asterisks.
Input VAT Pending	Enter all or part of the input VAT pending general ledger account to use when resolving the account from the VAT class, or click the Lookup button to display G/L Prompting, which allows you to select all or part of an account by element. For more information on input VAT pending accounts, see VAT Account Resolution. Note You can enter asterisks (*) for account elements you do not want to resolve from the VAT class. You must enter an asterisk for each digit in the account element. For example, if an element has a length of four, you must enter four asterisks.
Output VAT	Enter all or part of the output VAT general ledger account to use when resolving the account from the VAT class, or click the Lookup button to display G/L Prompting, which allows you to select all or part of an account by element. For more information on output VAT accounts, see VAT Account Resolution. Note You can enter asterisks (*) for account elements you do not want to resolve from the VAT class. You must enter an asterisk for each digit in the account element. For example, if an element has a length of four, you must enter four asterisks.
Output VAT Variance	Enter all or part of the output VAT variance general ledger account to use when resolving the account from the VAT class, or click the Lookup button to display G/L Prompting, which allows you to select all or part of an account by element. For more information on output VAT variance accounts, see VAT Account Resolution. Note You can enter asterisks (*) for account elements you do not want to resolve from the VAT class. You must enter an asterisk for each digit in the account element. For example, if an element has a length of four, you must enter four asterisks.

Product Inquiry Tab Fields and Buttons

Note This tab is disabled if you are creating, editing, or deleting a VAT class code.

Field or Button	Description
Products	This grid displays products/locations assigned to the selected VAT class code after you click the Show Data button in the ribbon. You can assign VAT class codes to products/locations in Product Location Maintenance.