In South Africa, it was announced our VAT is going from 15% to 15.5% effective 01/05/2025
I am curious to find out if Manager VAT rate will be updated automatically (cloud version) or updated and released for download (desktop version) or will the user need to manually change things in the Settings under Tax Codes?
Kind regards,
Sgarri
We should not change the TaxRate on the TaxCode that is already used in the transaction, this will affect the transaction that has already occurred
We have to create a new TaxCode on managers with 15.5% TaxRate and use this TaxCode for transactions starting from 01/05/2025.
.
In addition to what @Mabaega suggested also deactivate previous tax code (15%) to avoid confusion in future.
Hi Mabaega and Shahabb
Thank you for the explanation and assistance,
Kind regards,
Sgarri
I tested a few transactions after creating the new rate. The new rate does not pull into the VAT201 - I think the VAT201 is hardcoded. How did you fix this? I see it pulls correctly into all the other vat reports and the vat control account balances