Manage VAT/GST Rates

Acxite simplifies your bookkeeping by automating expense tracking in real-time. The system can automatically calculate VAT amounts from bills and receipts during data extraction. To ensure accurate VAT/GST processing, it is crucial to configure Acxite with the correct VAT/GST settings.

Option 1: Manually Set VAT Status for Automatic Rate Creation

If you set your VAT status to “Registered” in Acxite without an accounting integration, the system will automatically add standard VAT rates based on the country selected for your business.

Follow these steps to change your VAT/GST registration status:

Step 1 – Navigate to the Master Data page from the business menu.

Step 2 – Click on the VAT Rates page.

Step 3 – Adjust the settings as required. For example, change the VAT/GST Status to “Registered” to enable VAT extraction.

You can edit the following fields:

• VAT/GST Status: Set this to ‘Registered’ if the business is registered for sales tax with the relevant tax authority.
• VAT/GST Schemes: Specify the VAT/GST calculation scheme. The supported scheme is:
  • Accrual Scheme: This scheme records VAT when an invoice or bill is generated. Acxite extracts the VAT amount directly from the document, making it fully compatible with this scheme for MTD VAT returns.

Note: Acxite currently does not support Cash, Flat Rate Accrual, or Flat Rate Cash VAT schemes.

Step 4 – Click the Save button.

Your VAT settings are now saved. The system will add relevant VAT rates automatically. If any rates are missing or incorrect for your country, please contact our support team. Additionally, Acxite will automatically create a new VAT rate if it encounters one on an uploaded document that does not already exist in your list.

Option 2: Add a VAT/GST Rate Manually

You can add a custom VAT/GST rate to Acxite by following these steps:

Step 1 – Navigate to the Master Data page from the business menu.

Step 2 – Click on the VAT Rates page.

Step 3 – Click the Add VAT/GST Rates button.

Step 4 – Enter the VAT/GST rate details, including Name and Percentage.

Step 5 – Select the VAT/GST type (e.g., Sale and Purchase). This determines on which types of transactions the rate can be used.

Step 6 – Click the Save button.

Your new VAT/GST rate is now available to be applied to transactions in Acxite.

Option 3: Import VAT/GST Rates from a CSV File

You can bulk-import a list of VAT/GST rates into Acxite using our CSV import template.

Step 1 – Navigate to the Master Data page from the business menu.

Step 2 – Click on the VAT Rates page.

Step 3 – Click the ‘Import VAT/GST Rates’ button.

Step 4 – Download the ‘VAT/GST rates Import Template’ file.

Step 5 – Populate the template with your VAT/GST rate data.

Note: Do not change the column headers. Save the completed file in CSV format.

The following columns must be provided:

• *Tax Name: (Mandatory) A unique name to identify the rate.
• *Tax Percentage: (Mandatory) The percentage to be applied for VAT calculation.
• *VAT/GST Type: (Mandatory) The type of transactions where this rate can be used (e.g., Sale, Purchase).

Step 6 – Click the ‘Browse’ button and select your completed CSV file.

Step 7 – Click the ‘Import’ button to finalise the process.

Your list of VAT/GST rates will be imported and will appear on the VAT/GST Rates page.

Option 4: Edit or Archive an Existing VAT/GST Rate

Step 1 – Navigate to the Master Data page from the business menu.

Step 2 – Click on the VAT Rates page.

Step 3 – Locate the rate you wish to modify and click the ‘Edit’ icon.

Step 4 – Update the relevant fields as required. To archive a rate, click the ‘Status’ field and change it to ‘Archived’.

Note: Archived rates are hidden by default but can be viewed by clearing the filter on the “Status” column.

Step 5 – Click Save to apply your changes.

Frequently Asked Questions

Related Articles

• Connect Acxite to HMRC
• MTD VAT Submission