Within BookingLive, you are able to configure how VAT is displayed and calculated. This article will show you the various settings that are involved.
This is also how additional Accounting Codes can be set up and used within the system.
Setting up additional Accounting Codes
The BookingLive system will automatically have a Tax and No Tax accounting code set up. These are to apply 20% or 0% VAT, respectively, to the price of a product.
If you need to set up additional accounting codes, or tax bands (e.g. 5%), then, this can be done by going to:
- Accounting Code
- Add Accounting Code
Within this new screen, provide a Name for this Accounting Code / Tax rate (to be identified within dropdown lists in the BookingLive system), then hit "Save".
Now hit "Add Tax Band".
In this screen, add the date range that this Tax rate is valid for, and the percentage value of the tax rate. The hit "Save and Close"
Setting a product to be VAT applicable or exempt
To set whether a product has VAT applied to it or not, and what that rate is, you will need to go to the settings for the applicable product(s).
At the bottom of the main settings page, you will see the Price and Accounting Code fields.
The Price field will need to the the NET value for the product.
The Accounting Code dropdown is used to select which accounting code / tax band will be applied to this product.
Displaying VAT information
There are two main options for how VAT information is displayed on your system. Both of these settings can be found in the same location:
- General Settings
In this screen, you will see two options:
- Display Price (Gross or Net) - This determines if the price shown on the front end is the Net or Gross price.
- Display Tax - This determines if the Tax totals and "(Inc. VAT)" or "(Ex. VAT)" information is shown on the front end of the system.