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Change the memorised transactions to include new VAT rates

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Updating your company file to use the new VAT rate for 1 January 2010

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How do I change my memorised transactions when the VAT rate changes?

Updated: May 16, 2010

Article ID: 2892

Memorised transactions that use the Standard Rate VAT need to be re-memorised whenever the Standard Rate VAT changes. The best method is to create a new transaction with the new rate and replace the previous memorised transaction.

Method I

Follow the steps to replace the memorised transactions:

Create a new transaction with the same information as the one that is memorised. Ensure that the new rate is implemented.
From the Edit menu, select Memorise [transaction]. If it is an invoice, it will say Memorise Invoice.
A Replace Memorised Transaction window appears. Click the Replace button to replace the original transaction.

Method II

Alternatively, if you have a transaction with many lines of information, you can choose to do the following:

From the Lists menu, select Memorised Transaction List.
Click to select the transaction you wish to update the VAT rate on.
Click Enter Transaction to open the form. If it is an invoice, it opens the Create Invoices window.
On each line item, click on the VAT Code in the VAT column. You should see a drop-down arrow.
Click the drop-down arrow from the VAT column and temporarily select a different VAT code.

The VAT amount will change in the Total VAT field.

Click the drop-down arrow from the VAT column again, and then select the correct VAT code.
Repeat steps 5 and 6 for each line item.
When all the line items are updated with the new VAT rate, memorise it.
- From the Edit menu, select Memorise [transaction]. If it is an invoice, it will say Memorise Invoice.
- A Replace Memorised Transaction window appears. Click the Replace button to replace the original transaction.

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