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Where Boxes 2, 8 and 9 are applicable
If you deal with the EEC, it is advisable to group your EC Customers separately under a sub group of Sundry Creditors. You have to be careful while grouping only VAT registered companies in these groups as they would affect Box 8 and 9 as well as the EC Sales List.
Note: Unregistered companies or individuals should be grouped separately and treated like UK companies
| 1. | Go to Gateway of Tally > F11: Features > F2: Inventory Features > Set Prepare & Follow British Style VAT Returns to Yes. The following screen displays. |
| 2. | Select any Group Name for the option Group Name Under which ‘EEC Debtors’ are classified. E.g. EC Customers. |
| 3. | Select any Group Name for the option Group Name Under which ‘EEC Creditors’ are classified. E.g. EC Suppliers.. |
| 4. | Alter the group Sales Accounts to enable Used for Calculation. Set it to Yes. |
| 6. | Now create or alter the ledger account used for recording sales of Goods (not services) to EC Countries. Activate Percentage of calculation and set it to the standard rate of VAT, E.g. 17.5. Set the method of calculation to any one method, say On Total Sales. |
| 7. | If you have sales for items with different VAT rates, create separate sales accounts for them and give percentages accordingly. |
| 8. | Follow the same steps for EC Purchases accounts as well. |
| 9. | Use Voucher Classes for sales to automate sales invoice entry if required. |
| 10. | Ensure that all VAT entries are made through Purchases, Sales, Debit Note and Credit Note vouchers only. |
Note: VAT entries made in other voucher types like Payment, will not be included in the VAT Return
Business providing services to the EC in addition to Goods as well as exporting to other countries
If you deal with the EC, it is advisable to group your EC Customers separately under a sub-group under Sundry Debtors. Likewise, group EC Suppliers under a separate sub-group of Sundry Creditors
| 1. | Activate British Style VAT Returns in F11:Company Features. |
| 2. | Select any Group Name for the option Group Name Under which EEC Debtors are classified. E.g. EC Customers.. |
| 3. | Select any Group Name for the option Group Name Under which EEC Creditors are classified. E.g. EC Suppliers. |
| 4. | Alter the group Sales Accounts to enable Used for Calculation and set it to Yes. |
For Goods follow the instructions in 2 above.
| • | For sale of services to EC Countries, do not give any percentage. Leave the field blank. |
| • | For export sales, do not give any percentage. |
| 5. | Follow the same steps for EC Purchases accounts. |
| 6. | Use Voucher Classes for sales to automate sales invoice entry if required. |
| 7. | Ensure that all VAT entries are made through Purchase, Sales, and Debit Note and Credit Note vouchers only. VAT entries made in other voucher types like Payment, will not be included in the VAT Return. |
Note: The set up determines the figures that go into the VAT Analysis Report. Hence, check the figures and the entries carefully before copying them into your VAT Return.
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