VAT

The Value Added Tax is applied to goods and services at different rates depending on the type of good and the country in which the VAT is applied. This is why LibertyCommerce7International contains a VAT table ("VAT" option).

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This way, it is possible to specify different VAT rates for different products. For example, software packages in Italy are sold at a 16% VAT rate, whereas accessories like cables will be sold with a 20% VAT rate.

The "VAT List" dialog will show all existing VAT rates and their associated goods categories. to add a new rate, click on "New". This will create a new rate. It is advisable to choose a code or ID that represents the rate selected (in percentages). The goods category chosen will be used in calculating VAT in invoices, and is defined in another part of the program.

After entering all the rates, the program will return to the menu option "Tables".

NOTE

By default the general category is given code 20 corresponding to a 20% VAT rate.

The general income category and the transportation category needs instead to be entered by the user.