NOT VAT REGISTERED
If your business is not registered for VAT you must tick the box indicated to prevent the processing of VAT on transactions and the posting of the net amounts (excluding VAT) to the relevant Profit and Loss accounts.
CHANGE OF VAT STATUS WITHIN THE FINANCIAL PERIOD
If you become VAT registered during the financial period you must:
- Ensure all transactions up to the day prior to commencement of VAT registration have been entered
- Go to the Setup> Company Details> and untick the box which states that the business is NOT VAT registered.
Going forward VAT will be processed on all transactions posted thereafter.