To prepare VAT returns in Visual Catpro, proper VAT classes are required
to be attached with various Sales, Purchase, VAT accounts. To attach VAT
class with an account, click on 'F5: VAT Class' button from bottom button
bar. The following screen shall appear:
You should select the relevant radio button and then select the suitable
VAT class / classes and click on OK button.
When you choose a Sale Account like Sales Punjab 4% you will be given
an additional option to select weather this account is a Retail/VAT account
as shown below:
If the Sale account is maintained only for VAT Sales, You should select 'VAT Only' option. If this option is chosen, Sales made in this account
shall always be treated as VAT sales. Same way you may select 'Retail
Only' or 'VAT/ Retail sale' as per the nature of the account.
Note:
If a sale account name contains the word 'Retail', then account will
automatically be treated as 'Retail only' sale account.
You may attach commodity to this account by selecting commodity against
'Commodity Name' prompt. Click Here to see details
information about
commodities.
