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Summary of Steps to Set Up VAT
PostedJune 9, 2024
UpdatedJune 11, 2024
Bynathan
These are the basic steps you need to perform to set up for VAT:
- Add additional Tax Classes in the WooCommerce Tax Settings
- Set rates on the Standard Tax Class and the additional Tax Classes in WooCommerce Tax Settings
- For all relevant Products, set the Tax Class in the WooCommerce Edit Product page.
- Set the ApeksOPS default tax % in ApeksOPS > Settings. (To the prevailing VAT rate – e.g. 20%).
- When Suppliers are added, their default tax % will be automatically set to the ApeksOPS default tax %. If you have existing suppliers, set their tax % by going to ApeksOPS > Suppliers > Edit.
- At the end of each reporting period, use the WooCommerce Tax Reporting to determine VAT collected. Use ApeksOPS > Reports > Tax Report (Purchases) to determine purchasing data for your VAT reporting, including deductions for exempt items.
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