Create a VAT

1. Go to the VAT (TX205000) window.
2. Click .
3. On the VAT settings tab of the top part, proceed as follows:
   1. In the VAT ID field, type the unique identifier for the tax.
   2. Optional: In the Description field, type a description of the VAT, so you can easily identify it in the list.
      
   3. In the VAT type field, select VAT.
   4. In the Calculate on field, select one of the following calculation methods for the VAT, described fully in Set up VAT calculation
      • Extract from item amount
      • Item amount
      • Item + VAT amount
      • Document amount
      • Document + VAT amount
   5. In the Cash discount field, select one of the following methods of calculating the VAT amount if a cash discount is applied to the document:
      • Reduces taxable amount
      • Reduces taxable amount on early payment
      • Does not affect taxable amount
   6. Optional: In the Tax agency ID field, select the tax agency to which you will report the VAT.
      Leave the field blank if you have not configured a tax agency account yet, or do not plan to prepare a VAT report in Visma Net.
   7. Optional: In the Not valid after field, specify the last date the VAT is effective.
4. On the General ledger accounts tab of the top part, do as follows:
   1. In the VAT payable account field, select the general ledger account to accumulate VAT amounts to be paid to the applicable tax agency.
      
      By default, the liability account associated with the specified tax agency is inserted, but it can be overwritten.
   2. In the VAT payable subaccount field, enter the number of the corresponding subaccount.
   3. In the VAT claimable account field, select a general ledger account to accumulate the VAT amounts to be claimed from the applicable tax agency.
   4. In the VAT claimable subaccount field, enter the number of the corresponding subaccount.
5. On the VAT schedule tab of the details area, do as follows:
   1. Click .
   2. In the Start date field, specify the date when the VAT becomes effective.
   3. In the VAT rate field, specify the rate of the output tax.
   4. Optional: In the Min. taxable amount field, specify the minimum taxable amount for which this VAT rate is applicable.
      If a minimum amount is specified, the VAT rate is 0 on amounts less than the specified minimum.
   5. Optional: In the Max. taxable amount field, specify the maximum taxable amount for which this VAT rate is applicable.
      If a maximum amount is specified, the VAT rate is 0 on amounts greater than the specified maximum.
      
      The Min. taxable amount and Max. taxable amount fields are unavailable if the Extract from item amount option is selected in the Calculate on field.
   6. In the Reporting group field, specify the Output reporting group for the output tax.
      The specific reporting group is available only if the tax agency is selected in the top part.
      If the tax agency is not selected or you have not configured reporting groups for the tax agency, select the Default output group.
   7. Click .
   8. In the Start date field, specify the date when the VAT becomes effective.
   9. In the VAT rate field, specify the rate of the input tax.
   10. Optional: In the Min. taxable amount and Max. taxable amount fields, specify the corresponding amounts, if needed.
   11. In the Reporting group field, specify the Input reporting group for the input tax. If the tax agency is not specified, select the Default input group.
6. Click .

The general VAT is created in the system. Now, set up VAT calculation across the system.

1. Repeat steps 1-4 of the procedure in the previous section.
2. On the VAT settings tab, select the Deductible VAT check box.
3. On the VAT schedule tab, click .
   1. In the Start date field, specify the date when the VAT becomes effective.
   2. In the VAT rate field, specify the rate of the VAT that generally applies to specific purchases.
   3. In the Deductible VAT rate field, specify the percentage of deduction that applies to the VAT amounts paid to the supplier on the specific purchases.
   4. Optional: In the Min. taxable amount and Max. taxable amount fields, specify the corresponding amounts, if needed.
   5. In the Reporting group field, select the input reporting group that was defined for the tax agency and was intended for this VAT.
4. Click .

The deductible VAT is created in the system. Now, set up VAT calculation across the system.

1. Repeat steps 1-4 of the procedure in the first section of this topic.
2. On the VAT settings tab, select the Reverse VAT check box.
3. On the VAT schedule tab, click Add row on the table toolbar.
   1. In the Start date field, specify the date when the tax becomes effective.
   2. In the VAT rate field, specify the same rate as for the direct VAT.
   3. Optional: In the Min. taxable amount and Max. taxable amount fields, specify the corresponding amounts, if needed.
   4. In the Reporting group field, select the output reporting group that was defined for the tax agency and was intended for this VAT.
4. Click .

The reverse-charge VAT is created in the system.
For a correct calculation of the reverse VAT, create a general VAT with the same VAT rate.

1. Repeat steps 1-4 of the procedure Create a general value-added tax.
2. On the VAT settings tab, select the Include in VAT exempt total check box, so the taxable amount that is exempt from paying the VAT will be displayed in the VAT exempt total field in the documents, such as invoices.
3. On the VAT schedule tab, click Add row in the table toolbar.
   1. In the Start date field, specify the date when the VAT becomes effective.
   2. In the VAT rate field, specify a rate of zero for the output tax.
   3. In the Reporting group field, select the output reporting group that was defined for the tax agency and was intended for this VAT.
   4. Click .
   5. In the VAT rate field, specify a rate of zero for the input tax.
   6. In the Reporting group field, select the input reporting group that was defined for the tax agency and was intended for this VAT.
   7. Optional: In the Min. taxable amount and Max. taxable amount fields, specify the corresponding amounts, if needed.
4. Click .

The exempt modification of VAT tax is created in the system. Now you need to set up VAT calculation across the system.

1. Repeat the steps 1-4 of the procedure in the first section of this topic, Create a general value-added tax.
2. On the VAT settings tab, select the Statistical VAT check box.
3. On the VAT schedule tab, click .
   1. In the Start date field, specify the date when the VAT becomes effective.
   2. In the VAT rate field, specify a rate of 0 for the output VAT.
   3. In the Reporting group field, select the output reporting group that was defined for the tax agency and was intended for this VAT.
   4. Click .
   5. In the VAT rate field, specify a rate of zero for the input VAT.
   6. In the Reporting group field, select the input reporting group that was defined for the tax agency and was intended for this VAT.
   7. Optional: In the Min. taxable amount and Max. taxable amount fields, specify the corresponding amounts, if needed.
4. Click .

The statistical VAT tax is created in the system. Now you need to set up VAT calculation across the system.

1. Repeat steps 1-3 of the procedure in the first section of this topic, Create a general value-added tax.
2. On the VAT settings tab, select the Deductible VAT check box.
3. On the General ledger accounts tab, perform the following instructions:
   1. In the VAT payable account field, select the general ledger account to accumulate VAT amounts to be paid to the applicable tax agency.
      
      By default, the liability account associated with the specified tax agency is inserted, but it can be overwritten.
   2. In the Tax claimable account field, select the general ledger account to accumulate VAT amounts to be claimed from the applicable tax agency.
   3. In the Pending VAT payable account field, specify the general ledger account to accumulate pending VAT amounts to be paid to the applicable tax agency.
   4. In the Pending VAT claimable account field, specify the general ledger account to accumulate pending VAT amounts to be claimed from the applicable tax agency.
4. On the VAT schedule tab, click .
   1. In the Start date field, specify the date when the VAT becomes effective.
   2. In the VAT rate field, specify the rate of the VAT that generally applies to specific purchases.
   3. In the Deductible VAT rate field, specify the percentage of deduction that applies to the VAT amounts paid to the supplier on these specific purchases.
   4. Optional: In the Min. taxable amount and Max. taxable amount fields, specify the corresponding amounts, if needed.
   5. In the Reporting group field, select the input reporting group that was defined for the tax agency and was intended for this VAT.
5. Click .

The pending modification of VAT tax is created in the system. Now you need to set up VAT calculation across the system.