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Thread: Pastel Accounting Vat adjustment to 15% on the 1st of April 2018

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    Pastel Accounting Vat adjustment to 15% on the 1st of April 2018

    Afternoon everyone,

    I think the buzz at the moment is all about the Vat adjustment at the end of March 2018

    I must still go and sit and try and figure out how this will be done.

    In the meantime, i will be watching the Forum to see if anyone has figured it out for all of us.

    So many question i could come up with of which one is how are you going to handle a credit, wether on the Customer or the Supplier side, for goods purchased or sold before the 1st of April?

    Has anyone figured out that problem yet?

    Yeah, i know some of you pay your annual Pastel Accounting license fees but some of us work for companies who don't. We are going to SUFFER!

    Wishing you luck for the end of March.

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    Platinum Member Mike C's Avatar
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    When one does the changes one must also remember to change the "Box Entries" if you use the VAT Box report.
    An education isn't how much you have committed to memory, or even how much you know. It's being able to differentiate between what you do know and what you don't. - Anatole France

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    Quote Originally Posted by Mike C View Post
    When one does the changes one must also remember to change the "Box Entries" if you use the VAT Box report.
    Thank you Mike C

    It would be much easier if someone could post it step by step.

    I will be watching the Forum 24/7

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    Platinum Member Neville Bailey's Avatar
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    I am meeting with my associates tomorrow morning to discuss this very issue.

    During the meeting we will formulate a plan of action that can be implemented at our clients. Some of the steps might be a little too technical for some users, in which case remote consultations can be arranged to assist.

    Watch this space.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    IronTree Online Solutions
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    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

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    Platinum Member Neville Bailey's Avatar
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    In light of the pending VAT percentage increase on 1 April 2018, certain adjustments to your Pastel company setup will need to be made, particularly if you are not using the latest version of Pastel (Version 18). If you are using V18, you should soon receive a build update which will facilitate the VAT change.

    If you are using a version of Pastel prior to V18, please take note of the following step-by-step procedure:

    • Go to Setup…Tax…General Settings…Percentages.
    • In Row number 1, change the description from "Vat - Standard rated” to "Vat - Standard rated 14%” and change the date in the End column to 31/03/2018.
    • In Row number 11, insert the description "Vat - Standard rated 15%”, insert 15 in the Tax % column, change the Start date to 01/04/2018 and the End date to 31/12/2050.
    • In Row number 12, insert the description "14% Credit Note Mar 18”, insert 14 in the Tax % column, change the Start date to 01/04/2018 and the End date to 28/02/2019. This VAT code is to be used where credit notes need to be passed after 31 March 2018, relating to invoices processed before 1 April 2018.
    • The above steps can be done anytime between now and the end of the month.
    • The following changes can only be done after the last transaction has been processed on 31 March 2018, but before the first transaction on 1 April 2018:
      • For each customer account, go to the Processing tab and, in the Tax section, change the default tax code from 01 to 11. If there is no default tax type set up, you can ignore this step.
      • For each supplier account, go to the Processing tab and, in the Tax section, change the default tax code from 01 to 11. If there is no default tax type set up, you can ignore this step.
      • Go to Setup…Customers…Control and, in the Configuration tab, change the Default Tax Type for Financial Lines from 01 to 11.
      • Go to Setup…Suppliers…Control and, in the Configuration tab, change the Default Tax Type for Financial Lines from 01 to 11.
      • For each inventory item, go to the Details tab and, under the Allow Tax section, change the VAT code from 01 to 11 for both Purchases and Sales.
      • Go to Setup…Inventory and, under the Integration/Groups tab, change the Default Buy Tax and the Default Sell Tax from 01 to 11.

    • If you have too many customer/supplier/inventory codes to make the above adjustments manually, let me know and we can set up a TeamViewer session so that I can edit the accounts directly in the database.
    • If you have any outstanding Sales Orders or Purchase Orders on 1 April 2018 with a VAT code of 01 on the line items, please note that the VAT code will need to be manually adjusted to 11 for each line item once the Order has been converted to a Tax Invoice / GRN / Supplier Invoice.
    • If you are using VAT inclusive selling prices, please note that your VAT exclusive selling price will be reduced on 1 April unless you increase the VAT inclusive price to accommodate the VAT rate increase.
    • If you have Recurring Invoice batches, you will need to change the VAT code, for each line item on each invoice, from 01 to 11, before your April 2018 invoices are created. Let me know if you require a TeamViewer session in order to make these adjustments directly in the database.
    • If you have invoices on hold carried over from March 2018, you will need to change the VAT code, for each line item on each invoice, from 01 to 11, before the invoices are finalised. Let me know if you require a TeamViewer session in order to make these adjustments directly in the database.


    The first working day of April is on Tuesday 3 April, after the Easter Weekend, so I anticipate a rush of requests for me to assist with the above adjustments before you start processing April transactions, so please bear with me, as I can only deal with one client at a time. I will not be booking TeamViewer sessions in advance for 3 April, as I cannot guarantee that I will be ready at a particular time, so I will assist on a first-come-first-served basis.


    In order to ease the pressure on 3 April, I will make myself available over the Easter Weekend to log on with TeamViewer to make the necessary changes. If you are willing and able to send me your TeamViewer details at the close of business on Thursday 29 March, together with your Pastel supervisor password, I will log on sometime during the course of the Easter Weekend to make the adjustments.

    My usual hourly rate will apply for all remote sessions. If I have consulted for you before, please email me your company details so that I can open an account for you.





    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    IronTree Online Solutions
    View Neville Bailey Photography

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

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    Mike C (15-Mar-18)

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    Platinum Member Mike C's Avatar
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    In light of the pending VAT percentage increase on 1 April 2018, certain adjustments to your Pastel company setup will need to be made, particularly if you are not using the latest version of Pastel (Version 18). If you are using V18, you should soon receive a build update which will facilitate the VAT change.
    Has anyone installed Version 18.1.1 yet? And if so ... were there/are there any hassles?
    An education isn't how much you have committed to memory, or even how much you know. It's being able to differentiate between what you do know and what you don't. - Anatole France

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    Platinum Member Neville Bailey's Avatar
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    Quote Originally Posted by Mike C View Post
    Has anyone installed Version 18.1.1 yet? And if so ... were there/are there any hassles?
    No issues on my side or at any of my clients.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    IronTree Online Solutions
    View Neville Bailey Photography

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

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    Mike C (15-Mar-18)

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    Platinum Member Mike C's Avatar
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    Well I hit the first problem. I downloaded the upgrade and when I started the install it said that it did not recognise the Base Serial Number. Now I will have to phone customer support.

    I presume that this version is free for all who are paying their yearly subscription fees?
    An education isn't how much you have committed to memory, or even how much you know. It's being able to differentiate between what you do know and what you don't. - Anatole France

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    Have read the above article about vat changes to 15%.
    If one changes the date for the ending of 14% to 31/03/2018 and adds and new date for 15% to start 01/04/2018 I have a problem in that our business is commission based and received commission in arrear some times two months in arrear so commission received April would be for Feb or March which is 14%.These entries are always cash receipts entries and are accounted for in the books as and when received so the financial institution paying the vat to us is not invoices. If we invoices the financial house the commission would appear in the incorrect month.

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    Question

    Quote Originally Posted by Ros Clark View Post
    Have read the above article about vat changes to 15%.
    If one changes the date for the ending of 14% to 31/03/2018 and adds and new date for 15% to start 01/04/2018 I have a problem in that our business is commission based and received commission in arrear some times two months in arrear so commission received April would be for Feb or March which is 14%.These entries are always cash receipts entries and are accounted for in the books as and when received so the financial institution paying the vat to us is not invoices. If we invoices the financial house the commission would appear in the incorrect month.
    Good Morning,

    I am not sure if i understand your post correctly.

    Vat should not affect your commission as you do not pay Commission, Vat included. Is your company paying commission on Vat?

    If you do, you are doing it wrong. Commission should be paid on the amount before Vat.

    Regards

    Anneke Barnard

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