1 of 19 VAT on Core / DA0483-w1 Last updated: VAT on Core

2 of 19 VAT on Core / DA0483-w1 Last updated: Master Files Defining the files that support the charging of additional VAT on sales of manufactured items incorporating remanufactured components returned from customers

3 of 19 VAT on Core / DA0483-w1 Last updated: – Adding the VAT code for ‘VAT on Core’ A new VAT code must be defined for VAT on Core VAT on Core is additional VAT charged on a percentage of the original selling price of a manufactured product, which incorporates remanufactured items that have been returned from a customer at, or below, the market value VAT Codes option - General Supporting Files

4 of 19 VAT on Core / DA0483-w1 Last updated: VAT Codes option - General Supporting Files The VAT type for this new VAT code must be set to ‘C’ (VAT on Core)

5 of 19 VAT on Core / DA0483-w1 Last updated: This master file has been amended as follows: The Stock master file has been modified to include the Assessable Value of the product The assessable value is set by your company, using your interpretation of the current market value of the product Full Stock Details option - Inventory Control It is this value that is eventually used to calculate the VAT on Core

6 of 19 VAT on Core / DA0483-w1 Last updated: This is a new option: This new option updates the assessable value on the Stock file for all products present in the selected price list Assessable Value Update option - Sales Order Processing

7 of 19 VAT on Core / DA0483-w1 Last updated: Assessable Value Update option - Sales Order Processing A percentage factor can be applied to update the existing assessable value, if required

8 of 19 VAT on Core / DA0483-w1 Last updated: This master file has been amended as follows: The Services master file has been modified in a similar manner to the Inventory Control Stock master file The assessable value is again entered using your companies interpretation of the service’s current market value Services option - Sales Order Processing

9 of 19 VAT on Core / DA0483-w1 Last updated: Calculating VAT on Core

10 of 19 VAT on Core / DA0483-w1 Last updated: This option has been amended as follows: The Sales Orders option has been modified to calculate VAT on Core Sales Orders option - Sales Order Processing Note: The existing system key OPSUPPVAT must be set to YES If the Vat code is defined in the VAT Codes file as the type ‘VAT on Core’

11 of 19 VAT on Core / DA0483-w1 Last updated: Sales Orders option - Sales Order Processing Two VAT calculations are applied to the product:

12 of 19 VAT on Core / DA0483-w1 Last updated: Sales Orders option - Sales Order Processing Standard VAT based upon the selling price after any discounts have been applied

13 of 19 VAT on Core / DA0483-w1 Last updated: Sales Orders option - Sales Order Processing and VAT on Core based upon the assessable value from the Stock or Service file Two VAT codes are also displayed for the product Note: These enhancements also apply to Quotations, Standard Orders and Scheduled Orders

14 of 19 VAT on Core / DA0483-w1 Last updated: This option has been amended as follows: The Sales Invoices option has also been modified to calculate and display VAT on Core Sales Invoices option - Sales Order Processing

15 of 19 VAT on Core / DA0483-w1 Last updated: Sales Invoices option - Sales Order Processing The supplementary VAT calculated is available for printing on each line of an invoice and in summary within the VAT table in the tail of the invoice Note: The Assessable value is available for amendment when entering Sales Credits

16 of 19 VAT on Core / DA0483-w1 Last updated: Processing VAT on Core

17 of 19 VAT on Core / DA0483-w1 Last updated: This option has been amended as follows: The Invoices option has been modified to allow an assessable value against an invoice line Invoices option - Accounts Receivable The following lines are created when an invoice is posted to Accounts Receivable via Sales Order Processing: A normal VAT line A supplementary VAT line with a supplementary VAT code The following lines are created when an invoice is posted to Accounts Receivable via Sales Order Processing: A normal VAT line A supplementary VAT line with a supplementary VAT code

18 of 19 VAT on Core / DA0483-w1 Last updated: What happens to the VAT calculations? The Accounts Receivable Invoice Audit Trail has been amended to include the additional assessable value field in both the VAT table in the report tail and against each goods line in the detail section of the report A supplementary record will be written to the VAT Register for the VAT on Core element of each Invoice Both the base goods value and the assessable value will be written to the VAT Register file The supplementary record will be separately identifiable within the VAT Register file The Accounts Receivable Invoice Audit Trail has been amended to include the additional assessable value field in both the VAT table in the report tail and against each goods line in the detail section of the report A supplementary record will be written to the VAT Register for the VAT on Core element of each Invoice Both the base goods value and the assessable value will be written to the VAT Register file The supplementary record will be separately identifiable within the VAT Register file

19 of 19 VAT on Core / DA0483-w1 Last updated: As the standard VAT and the VAT on Core calculations are stored on the database they can be accessed using Report Writer and/or SQL – this provides you with unlimited means of checking the charges levied against companies supplying re-manufactured components