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Changing the VAT rate in TASBooks

Also applies to TAS Books 2 and TAS Books 3

Before you start 

Get as up-to-date as you can

Process and post any outstanding invoices. This will make the whole changeover process as easy as possible, and help you clearly see which items relate to the old rate and which to the new.

Take a backup

From the Company Manager window, select your company and go to file and backup. If you're not sure how to take a backup, full details are in your program helpfile and user guide.

You're now ready to work through the steps below to make your changes.

1. Create a 9% VAT Rate
2. Update Product Records
3. Check open Sales Orders
4. Check Repeating Transactions

1. Create a 9% VAT Rate

Creating a new 9% VAT Rate

To Create a new VAT rate in TAS, in the Menu bar Select Central > VAT rates and Reporting > Maintain VAT Rates (option 031).

You will need to Create a Resale and Non Resale rate, We’re using VAT rates 11 & 12 in this example, you can choose any unused rates on the list.

In the Vat Calculation defaults Section, Select the Default lower rate as your new 9% Rate and click on save.

Updating your product records

You'll need to update your product records so that they use the 9% Lower Rate. You'll also need to consider the effect on your selling prices - particularly if you use Retail VAT-inclusive pricing. The way you do this will depend on how many product records you have and the version of TASBooks that you are using.  

If you have TASBooks

These steps also apply to TAS BOOKS 2/TAS BOOKS 3 v8.04
In these programs you can change the VAT rate in all of your product records in one go. You'll also be able to amend your Retail VAT-inclusive pricing.
Note: To use this option, you'll need to login to TASBooks as the Supervisor (SPV).
It’s a good idea to print a product pricelist before you start. You can do this by selecting Products > Products / Services reporting > Print Price list (Option 532).
Select Products > Utilities > Change Product VAT rate (Option 584).

Make Sure the 13.5% Rate appears in the current vat rate box, and the 9% vat appears in the new VAT rate box.
If you use Retail VAT Inclusive-pricing, select the Recalculate Selling prices check box, then Choose one of the options in the table below.

If you don't currently use Retail VAT-inclusive pricing, we recommend you select Recalculate Selling prices and choose the first option below. This means that if you do decide to use Retail VAT-inclusive pricing in the future, your selling prices will all be correct.
Note: The option names are taken from the first price of the Standard pricing section of the product record, this is normally your Retail (Ex VAT) price, but the name may be different on your system.

Note: All changes to VAT rates and selling prices will be shown on your System Audit log.
To Change the VAT rate and Selling prices on products click change rate.
To confirm the Change click yes and then click ok.

You should now print another price list by selecting products > Products / Services reporting > print price list (Option 532).

If you have TAS BOOKS 2/TAS BOOKS 3 v7 or earlier versions

In these programs you have to edit each individual product record to amend the VAT Rate. If you have TASBooks and only have a few products, you may prefer to follow these steps too.
It’s a good idea to print a product pricelist before you start. You can do this by selecting Products > Products / Services reporting > Print Price list (Option 532).
From the menu bar Select Products > Products and Services > Maintain Products and Services (Option 511)
Press F2 to select the product from the lookup list.
In the VAT Rate drop-down box, select the 9% VAT rate.
You'll need to consider how you want to deal with any changes to product pricing, particularly if you use Retail VAT-inclusive pricing. If you want to amend your prices, you can manually amend your product records.
You'll need to repeat this process for each of your lower rated products.
You should now print another price list by selecting products > Products / Services reporting > print price list (Option 532).

Checking your open Sales Orders

The changes you've made to your VAT Rates won't alter the VAT on any open Sales Orders. You'll need to consider whether these should remain at 13.5% or if they need to be changed to 9%. If you are unsure which rate applies to your Sales Orders visit http://www.revenue.ie/en/tax/vat/rates/rate-changes-jobs-initiative.html
If you have TASBooks v2.01 (or TASBooks v1 with stock control, or TAS BOOKS 3) you can print a list of open sales orders. Select Sales Orders > Reporting > Print Outstanding Sales Orders (option 632).
If you need to amend the VAT rate on any unposted Sales Orders, select Sales Orders > Sales Orders > Enter / Change Sales Orders / Credit Notes (option 611).
In the Order No field press F2 to display the list of Sales Orders.
You can re-sort the list by clicking on the Inv Num column heading.
Open sales orders do not have an invoice number allocated, so will just show zero in the Inv Num column.
Select the relevant sales order, and enter the correct VAT rate, for example, rate 11 and re-save the sales order.

Checking your repeating transactions

If you have repeating transactions, such as recurring cash payments or journals, you'll need to ensure the correct VAT rate is applied to these entries.
To check or edit a recurring transaction, select File > Managers > Recurring Transaction Manager.

To amend the VAT rate on an entry, select it in the list and click Edit.
In the VAT Amount box, delete the amount displayed then change the VAT rate to the new rate, for example 11, then press TAB. The new VAT amount is then calculated. 

The VAT amount won't recalculate unless you delete the VAT amount displayed before you change to the new rate.

VAT changes Rate Change – Jobs Initiative 2011

Introduction of a second Reduced VAT Rate with effect from 1 July2011

The Minister for Finance has announced that a second reduced VAT rate of 9% will be introduced in respect of certain goods and services (mainly related to tourism) for the period 1 July 2011 to 31 December 2013. The 9% rate applies to restaurant and catering services; hotel and holiday accommodation; admissions to cinemas, theatres, certain musical performances, museums and art gallery exhibitions; fairgrounds or amusement park services; the use of sporting facilities; hairdressing services; printed matter such as brochures, maps, programmes, leaflets, catalogues and newspapers.
This measure will be provided for in the forthcoming Finance (No. 2) Bill 2011. For more information please go to http://www.revenue.ie/en/tax/vat/rates/rate-changes-jobs-initiative.html

Changing the VAT rate in TASBooks

Also applies to TAS Books 1

Before you start

 Get as up-to-date as you can
Process and post any outstanding invoices. This will make the whole changeover process as easy as possible, and help you clearly see which items relate to the old rate and which to the new.

Take a backup

From FirstPage, select your company and go to file and backup. If you're not sure how to take a backup, full details are in your program helpfile and user guide.
You're now ready to work through the sections below to make your changes.

1. Create a 9% VAT Rate
2. Update your product records
3. Check open Sales orders
4. Check Repeating Transactions

Creating a new 20% VAT Rate

You’ll need to setup a new 9% rate Resale Rate and a 9% non resale rate. From the Menu bar select Company > VAT > Setup VAT Rates.
(In TAS BOOKS 1, select VAT > Setup VAT Rates.)
We’re using VAT rate 11 & 12 in this example, you can choose any unused rate on the list.
Select VAT Rate 11 and click Edit.

Enter a description and the VAT rate, then click OK.

To exit, click Close. 
Now you'll need to set your new 9% VAT Rate as the default Standard rate.

From the menu bar, select Company > Company Information.
(In TAS BOOKS 1, select Preferences > Company Information.)
Select VAT and Scheme Selection.

(In TAS BOOKS 1, select the VAT Scheme tab.)

In the Options section, select the Default Standard Rate as your 9% rate.

To exit, click OK.

Updating your product records

You'll need to update your product records so that they use the 9% Rate. You'll also need to consider the effect on your selling prices - particularly if you use Retail VAT-inclusive pricing. The way you do this will depend on how many product records you have and the version of FirstBooks or TAS BOOKS 1 that you are using.

If you have FirstBooks

These steps also apply to TAS BOOKS 1 v8.03
In these programs you can change the VAT rate in all of your product records in one go. You'll also be able to amend your Retail VAT-inclusive pricing.

It's a good idea to print a product price list before you start. You can do this by clicking Products in the toolbar and selecting View product/services price list from the Products TASNav.
Select File > Utilities > Change Product VAT Rate.
Make sure the 13.5% VAT Rate appears in the Current VAT Rate box, and the 9% VAT Rate appears in the New VAT Rate box.

To change the VAT rate and selling prices on products, click Change Rate.
To confirm the change, click Yes and then click OK.

If you have TAS BOOKS 1 v7 or earlier versions

In these programs you have to edit each individual product record to amend the VAT Rate. If you have FirstBooks and only have a few products, you may prefer to follow these steps too.
It's a good idea to print a product price list before you start. You can do this by selecting Products > Products / Services Reporting > Print Price List.
From the menu bar select Products > Enter/Enquire on Products/Services.
Double-click on a product or service to open the product record.

You should now print another price list by selecting View product/services price list from the Products TASNav.

If you have TAS BOOKS 1 v7 or earlier versions

In these programs you have to edit each individual product record to amend the VAT Rate. If you have FirstBooks and only have a few products, you may prefer to follow these steps too.
It's a good idea to print a product price list before you start. You can do this by selecting Products > Products / Services Reporting > Print Price List.
From the menu bar select Products > Enter/Enquire on Products/Services.
Double-click on a product or service to open the product record.
In the VAT Rate drop-down box, select the 9% VAT rate.

The retail price will automatically be recalculated. If you want to amend your prices, you can manually amend your product records.

You'll need to repeat this process for each of your 13.5% rated products.

When you've finished you should print another price list by selecting Products > Reports > Price List.

Checking your open Sales Orders

The changes you've made to your VAT Rates won't alter the VAT on any open Sales Orders. You'll need to consider whether these should remain at 13.5% or if they need to be changed to 9%. If you are unsure which rate applies to your Sales Orders visit http://www.revenue.ie/en/tax/vat/rates/rate-changes-jobs-initiative.html

If you need to amend the VAT rate on any unposted Sales Orders, click the Sales Order icon on the toolbar. You can filter the list to only show the unposted Sales Orders.
Select the relevant sales order, and enter the correct VAT rate, for example, rate 11 and re-save the sales order.

Checking your repeating transactions

If you have repeating transactions, such as recurring cash payments or journals, you'll need to ensure the correct VAT rate is applied to these entries.
To check or edit a recurring transaction, select Bank > Repeating Transactions.

(In TAS BOOKS 1, select  Bank > Recurring Transactions.)
To amend the VAT rate on an entry, select it in the list and click Edit.
In the VAT Amount box, delete the amount displayed then change the VAT rate to the new rate, for example 11, then press TAB. The new VAT amount is then calculated.

The VAT amount won't recalculate unless you delete the VAT amount displayed before you change to the new rate.