VAT Rate Change

Overview

💡This tutorial explains the steps to take to implement a VAT increase in BOSPrint 2017.04. It uses the proposed increase of VAT to 15.5% and the date of 1 May 2025 as an example.

Steps to Implement the VAT Percentage Increase

You should include a note on your Quotations that all prices are subject to VAT and will increase if the VAT rate increases.

  1. On the 1st of May 2025 (the day of the VAT changeover):
    1. Backup your database. Contact QuickEasy Software if you need assistance.
    2. Change the VAT percentage in General Settings.
  2. Update your Materials and Services with the new VAT rate.
  3. Update any Transactions (e.g. pending and active Quotations) with the new VAT rate.

For detailed steps, see below.

How to Change the General Settings

Note

This setting can only be changed once BOSPrint 2017.04 is upgraded to the latest version. Prior versions do not allow decimals in the VAT rate. After the upgrade, 2 decimal places are allowed in Settings, Transactions and Ledger Entries.

  1. Navigate to Settings (Main Menu > Setup > Settings & Default).
  2. Click Settings (tab).
  3. Enter VAT in the search block.
  4. Navigate to the setting: Accounting > VAT % and enter the new VAT rate (e.g. 15.5) in the Value column.
  5. Click Save (button).

How to Update your Materials and Inventory

Note

If the Main Menu > Setup > Settings & Default > Prices on Sales Orders and Invoice Items are VAT Inclusive is set to Yes, this step is critical.

In other cases, it updates the display of VAT when you view your Materials and Inventory. When using VAT Exclusive prices, the VAT is calculated and added when you capture a transaction.

  1. Change the VAT Percentage in General Settings if not already changed.
  2. Click Main Menu > Utilities > Update VAT % and Prices.
  3. Read and accept the disclaimer by clicking Yes (button).
  4. Select Materials from the dropdown list next to Module.
  5. Click Update (button).
  6. If you are using VAT Inclusive prices, also increase your prices by the VAT increase, else your profit margins are reduced.

How to Update your Services

Note

If the Main Menu > Setup > Settings & Default > Prices on Sales Orders and Invoice Items are VAT Inclusive is set to Yes, this step is critical.

In other cases, it updates the display of VAT when you view your Services. When using VAT Exclusive prices, the VAT is calculated and added when you capture a transaction.

  1. Change the VAT Percentage in General Settings if not already changed.
  2. Click Main Menu > Utilities > Update VAT % and Prices.
  3. Read and accept the disclaimer by clicking Yes (button).
  4. Select Services from the dropdown list next to Module.
  5. Click Update (button).
  6. If you are using VAT Inclusive prices, also increase your prices by the VAT increase, else your profit margins are reduced.

How to Update Transactions

Warning

The only transactions you must update are those dated after the VAT changeover date that were entered before you changed the setting.

You could update pending Quotations, in which case you should send your customers the new quotations that reflect the VAT increase. If your prices are VAT inclusive, you must also update your prices by the VAT increase, else your business absorbs the increase and has lower profit margins.

A Supplier invoice or invoice for an Expense Payment may be dated on or before the changeover date (e.g. 30 April). If you capture it after changing the VAT Rate to 15.5%, you must manually edit the VAT percentage when you capture the transaction. This edit is needed because you are not allowed to claim more VAT than you were charged.

  1. Change the VAT Percentage in General Settings if not already changed.
  2. Click Main Menu > Utilities > Update VAT % and Prices.
  3. Read and accept the disclaimer by clicking Yes (button).
  4. Select a Transaction Type (e.g. Quotations) from the dropdown list next to Module.
  5. Click Date and select Start and End Dates (e.g. 1 May 2025 to 28 February 2026).
    • Note: It is important to set a date when updating transactions, otherwise, all your historical transactions are also changed.
  6. Click the checkboxes next to the available Statuses (e.g. Pending & Active).
  7. Click Update (button).

How to View and Verify the Applicable VAT Percentage

  1. Navigate to any Transaction List View.
  2. Click the Field Chooser (*) and check the checkbox next to VAT%.
  3. The column displays the VAT% that applies to the transaction.

How to Copy Transactions

  1. Once you change the VAT percentage in General Settings, you can copy transactions as before.
    1. Invoices: The VAT percentage entered in General Settings is used on the new transaction, regardless of what the VAT percentage was on the previous transaction.
    2. Credit and Debit Notes: The VAT percentage entered on the original invoice is used for the Credit or Debit Note.
      • Note: The VAT % appears in the footer of the transaction. Verify that the correct VAT percentage is used. If not, the VAT % field can be edited.

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