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Taxes - VAT Configuration

Welcome to Citicon Payroll and Accounting System Configurations of Taxes - VAT. This module keeps track of all your VAT-related transactions, allowing you to add, edit, and manage all your taxable goods and services in one place. You can also upload them all at once and customize the system to fit your business needs. This module ensures that your inventory is well-organized, making it easier to handle transactions, operate efficiently, ensure compliance with VAT regulations, and keep your financial records accurate.

Key Purposes

1. Organization and Categorization: The module allows users to organize and categorize goods and services within the accounting system, enabling better management and tracking of inventory, sales, and expenses, as well as VAT liability.

2. Transaction Preparation: Before initiating any transaction, users are required to input details of the goods or services involved. The module facilitates this process by providing fields to specify product/service codes, types, prices, VAT rates, and descriptions.

3. Adding New Items: Users can easily add new products or services to the system by clicking the "Add" button and filling out the necessary details, such as unique codes, types (product/service), sales prices, purchase prices, VAT rates, and descriptions.

4. Bulk Importing: The module supports bulk importing of products and services using a template. Users can fill out the template with multiple items and then import it into the system, saving time and effort, especially for businesses with large inventories.

5. Editing and Managing: Users can edit and manage existing products or services within the system. They can update details such as descriptions, sales prices, purchase prices, VAT rates, and status (active/inactive) as needed.

6. Customization: The module offers flexibility in customization, allowing users to set unique codes and descriptions for each product or service, as well as specify whether an item is a product, service, or both, and the applicable VAT rate.

7. Data Exporting: Users have the option to export a summary list of all products and services in the system for reference or further analysis, providing insights into the inventory composition, pricing structure, and VAT liabilities.

8. Ensuring Data Integrity: By requiring unique codes for each product or service and providing guidelines for data input, the module helps ensure data integrity and reduces the risk of duplication or errors in the system.

VAT Module User-Manual

This section provides details, and set-by-step instructions to access, view, and update the VAT data stored in the system.

Index Page

To access the VAT Configuration. Go to Setup, select Configuration Settings, select Finance & Accounting, then select VAT. vat Index1

a. Adjust the paging, ordering, and sorting of the VAT Page here.
b. Select the Add button to add data.
c. Search for specific record details using the search bar.
d. View or Edit a record by selecting the folder button.
vat Index2

Add Records

  1. Select the Add button to add a new record. vat Add1
  2. Input the necessary details for your new record.
    All fields that has an asterisk (*) are required to be filled up. vat Add2
  3. Select the Save button to save your new record. vat Add3

Show Records

  1. Select the folder button to view a record. vat Show1 Here you can view more specific details on the record that you selected. vat Show2

Update Records

  1. Select the folder button of the record which you want to edit. vat Update1
  2. Select the Edit button to update the details of the record. vat Update2
  3. Select a detail section which you want to edit, and enter the necessary changes.
    All fields with an asterisk (*) are required to be filled up. vat Update3
  4. Select the Save button to save the changes you have made. vat Update4

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