The table in the VAT Codes procedure can contain up to nine rows with different VAT codes. The number of VAT codes that shall be managed is decided with the setting Number of VAT codes that will be managed in the system, under Economics on the System tab in the Settings procedure.
You can update all VAT codes except the one on the fourth row. VAT code 4 is always exempt from VAT (0.00).
The VAT code column contains the VAT code number that will appear in the VAT code list box in the Update Customer and Update Supplier procedures. There are two columns that you can update for each VAT code: Name and Percent.
An account can be linked to each VAT code both for input and output VAT. This is done under the VAT heading in the Chart of Accounts / Standard Accounts procedure.