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Some countries in Europe updated their sales tax (VAT) rates from 1st January 2011. The UK ( a member of the EU) increased their standard rates to 20%. Switzerland (not amember of the EU) increased their standard rates to 8%.
When VAT rates change you have a few choices when updating Dynamics GP:
No. 3 is by far the easiest. However if you need to detail the old and new transactions seperately for your VAT return, options 1 or 2 might be better. This situation arose in Ireland and the UK over the last two years when VAT rates were changed in the middle of reporting periods. The Dynamics GP VAT Daybooks functionality works off the Tax Detail ID – so changing the rate for your existing Tax Detail ID will mean old and new rated transactions will be reported in the same ‘box’.
To roll down the new Tax Schedules to customers and suppliers in Dynamics GP: (in the queries below, replace NEW with your new tax schedule ID, and OLD with your old ID).
For Creditors the queries are:
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