TAS software - Making business easy

firstbooks (and TASBooks 1)

Get as up to date as you can
Process and post any outstanding invoices, speak to your suppliers and get their invoices before 31 December and allocate any cash on account. 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 take a backup (in TAS BOOKS 1, from the program menu bar select File > Backup). If you're not sure how to take a backup, full details are in your program helpfile and user guide.
Check your existing VAT rates
You may already have 21% VAT rates set up. If you don't have 21% VAT rates, you'll need to create them.

• From the program menu bar, select Company > VAT > Setup VAT Rates (in TAS BOOKS 1, select VAT > Setup VAT Rates).
• Check to see if you already have 21% Rates, for example rate 1 and rate 5.

• If you do have 21% VAT rates, you can just click Close.

• If you don't have 21% VAT rates, you'll need to create then:

• In the list of rates, select each of the next available rates, for example, rate 11 and rate 12 then click Edit.
• Complete the rates as follows:

• To accept the new rates, Close.

Set your 21% Resale VAT rate as the default rate

• To set the 21% Resale rate as your default, from the program menu bar select Company > Company Information (in TAS Books 1, select Preferences > Company Information and click the VAT Scheme tab).
• In the left-hand pane select VAT and Scheme Selection (in TAS Books 1, click the VAT Scheme tab).
• In the Default Standard Rate drop-down list, select 21% Resale Rate.
• To accept the new default rate, click OK.

Update your product records
You'll need to update your product records so that they use the new 21% VAT Standard Rate. The way you do this will depend on how many product records you have and the version of TAS BOOKS that you are using. It's a good idea to print a product price list before you start, you can do this by selecting Products > Reports > Price List.

• If you have FirstBooks or TAS BOOKS 1 v8.03 you can change the VAT rate in all of your product records in one go. Select File > Utilities > Change Product VAT Rate.

• Ensure 21.5% VAT Standard Rate appears in the Current VAT Rate box, and 21% Resale Standard Rate appears in the New VAT Rate box.
• If you use Retail VAT-inclusive pricing, select the Recalculate Selling Prices check box, then choose from the following options.
• If you don't currently use Retail VAT-inclusive pricing, we recommend you select Recalculate Selling prices and choose the first option below. This ensures that if you do decide to use Retail VAT-inclusive pricing in the future, your selling prices will all be correct.
  

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

• If you only have a few product records, or you are using TAS BOOKS 1 v7 or earlier versions, you can edit each individual product record to amend the VAT Rate.

• From the program menu bar select Products > Enter / Enquire on Products / Services.
• Press F2, and select the product code from the lookup list.
• In the VAT Rate drop-down box, select the 21% Resale VAT rate.
  
  Note: You'll need to consider how you want to deal with any changes to product pricing, particularly if you use retail pricing.  If you want to amend your prices, you can manually amend your product records.
• When you've made all of the changes you need to this record, click Save.
• Repeat this process for each of your products where standard rate VAT applies.

You've now changed the VAT rate of your standard rated products.  You should now print a price list by selecting Products > Reports > Price List.
Consider open Sales Orders
The above process won't alter the VAT on any open Sales Orders. You'll need to consider whether these should remain at 21.5% or whether the 21% rate applies. If you are unsure which rate applies to your Sales Orders, visit the Revenue Website
If you need to amend the VAT rate on unposted Sales Orders, from the menu bar select Invoicing > Enter / Enquire on Sales Orders. Select the relevant Sales Order, and enter the correct VAT rate, for example, rate 1 and re-save the Sales Order.
Check repeating transactions
If you have repeating transactions, such as a repeating payment, you'll need to ensure the correct VAT rate is applied to these entries.

• To check or edit a repeating entry, from the menu bar 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 select the new VAT rate, for example 1, then press TAB.  The new VAT amount is then calculated. 
  
  Note: The VAT amount won't recalculate unless you delete the VAT amount displayed before you change to the new rate.
• Save the repeating enter and edit any further entries required.

Need more advice?
We've added answers to some of the most common questions about the VAT changes.
If you have a TAS support plan, you can contact our Software Support team on 1890 946 881 if you need any help on making the changes in your TAS program.
If you haven't got a TAS support plan, there's never been a better time to take one out.  Call your TAS Account Manager on 1890 946 881 for full details.