When adding an item to an expense claim, users can either enter the net, VAT and gross amounts manually, by setting the VAT rate to “Manual”, or can have the VAT/Tax calculated automatically for them by entering either the Net or Gross amount and selecting a VAT or Tax rate from the dropdown list.
By default, SMB comes with three standard rates – 0%, 5% reduced VAT and 20% standard VAT. However, as clients operate in different territories and may need to have different levels of VAT or sales tax, you can manage this list of options in the Administration area of the system.
To do this, first select the “Administration” option on the main menu, then select the “Expense VAT/Tax Rates” option in the “Lookup Lists” panel.
You will then be taken to the “Manage Expense VAT Rates” page, where you can add a new rate by clicking on the “Add A New Rate” link at the top of the page, or amend an existing rate by selecting the “Edit” button for the rate you wish to update. In either case you will be prompted to give the rate an identifiable title and a percentage amount to apply.
If you no longer need a rate, this can be removed by clicking the “Delete” button alongside the rate to remove. A confirmation box will be shown, asking you to confirm that you wish to remove the rate and advising that any expense items currently using this rate will be reset to “Manual” once the rate is removed. This will not affect the Net, VAT or Gross values recorded against those items – only the assigned rate would change. Confirming the action by clicking on the “Delete Rate” button removes the rate from the system.
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