In Soft1, you can monitor the VAT in transactions/ entities (e.g. Stock Items, Services, Fixed Assets) with:
- VAT Rates that are already designed in Soft1 and
- VAT Status of the transaction which can be one of the following options:
- "Normal": The taxpayer normally pays the VAT,
- "Is exempted": The taxpayer is not obliged to pay the VAT and
- "Reduced": The transaction is subject to a special VAT status.
Learn more about VAT Rates & Status configuration as well as how they affect a transaction, in the tabs below.