Option 1: Integrate with Accounting Software to import VAT\/GST rates automatically<\/h2>\n
When you integrate your Receipt Bot business with accounting software, Receipt Bot will automatically import all your VAT\/GST rate data and perform a sync operation each time you access the business. (This will ensure that list of VAT\/GST rates are always up to date.)<\/p>\n
It\u2019s important to note that if your business is integrated with accounting software, you cannot manually add or update VAT\/GST rates.<\/p>\n
Please refer to the following user guide for more detailed information on integrating your business with accounting software.<\/p>\n
- \n
- If you need to connect to Xero, follow this guide; Integrate with Xero.<\/a><\/li>\n
- If you need to connect to QuickBooks Online, follow this guide; Integrate with QuickBooks Online.<\/a><\/li>\n<\/ul>\n
Option 2: Setup your VAT status in Receipt Bot manually so that Receipt Bot add VAT\/GST rates automatically<\/h2>\n
Suppose you set up your VAT status as \u201cRegistered\u201d <\/span>in Receipt Bot. In that case, the system automatically adds the relevant VAT rates based on the country selected and uploaded documents.<\/p>\n
Following are the steps to change VAT\/GST registration status in Receipt Bot:<\/p>\n
Step 1 \u2013<\/strong> Navigate<\/span> to the\u202f<\/span><\/span>\u2018<\/span>Master Data<\/span>\u2019<\/span><\/span>\u202fpage<\/span> from the left side of business menu.
\n<\/span><\/span>
\nStep 2 \u2013<\/strong> Click the “VAT Rates”<\/span> page.<\/p>\nStep 3 \u2013<\/strong>Change the fields as <\/span>required<\/span>. Suppose you can change the VAT\/GST Status to\u202f<\/span><\/span>\u201cRegistered\u201d<\/span> <\/span>to enable the VAT amount extraction in Receipt Bot.<\/span><\/span><\/p>\n
You can edit the following fields in the VAT\/GST settings:<\/p>\n
VAT\/GST Status:<\/strong> Set it to \u2018Registered\u2019<\/span> if the business is registered with the tax authority for sales tax.<\/p>\n
VAT\/GST Schemes:<\/strong> Specify the VAT\/GST calculation scheme. The allowed schemes are following;<\/p>\n
- \n
- Accrual Scheme:<\/strong> This scheme requires the VAT\/GST amount to be recorded when the bill\/receipt is generated. Receipt Bot extracts the VAT amount mentioned from the document and records the VAT date; therefore, the VAT calculation for this scheme is supported in Receipt Bot. The VAT return is also created based on the HMRC rules for this scheme.<\/li>\n
- Cash Scheme:<\/strong> The cash scheme requires calculating the VAT amount when the payment is sent or received. Receipt Bot currently does not support this VAT scheme.<\/li>\n
- Flat Rate Accrual Scheme:<\/strong> This scheme requires that you apply a flat percentage to your total sales amount for the VAT period to calculate VAT liability. Receipt Bot currently does not support this VAT scheme.<\/li>\n
- Flat Rate Cash Scheme:<\/strong> This scheme requires you to apply a fixed percentage against the cash collected from your sales to calculate your VAT amount. Receipt Bot currently does not support this VAT scheme as well.<\/li>\n<\/ul>\n
Step 4 \u2013<\/strong> Click the \u2018Save\u2019 <\/span>button.<\/p>\n
Your VAT settings are saved in the Receipt Bot. The system will automatically add relevant VAT rates based on your country.<\/p>\n
If there are VAT rates defined for your country or the VAT rates added by the system are incorrect, you can drop an email at hello@receipt-bot.com<\/a> to get VAT\/GST rates correct for the country.<\/p>\n
Alternatively, Receipt Bot will also add a VAT\/GST rate, mentioned in any bill or receipt but not available in the list of VAT rates in Receipt Bot.<\/p>\n
Option 3: Add VAT\/GST rate using the Add VAT\/GST button<\/h2>\n
You can also add a custom VAT\/GST rate to Receipt Bot by following these steps:<\/p>\n
Step 1 \u2013<\/strong> Navigate<\/span> to the\u202f<\/span><\/span>\u2018<\/span>Master Data<\/span>\u2019<\/span><\/span>\u202fpage<\/span> from the left side of business menu.
\n<\/span><\/span><\/p>\nStep 2 \u2013<\/strong> Click the “VAT Rates”<\/span> page.<\/p>\n
Step 3 \u2013<\/strong> Click the\u202f<\/span><\/span>Add VAT\/GST Rates<\/span><\/span>\u202fbutton.<\/span><\/span><\/p>\n
Step 4 \u2013<\/strong> Enter VAT\/GST rate details like Name and Percentage.<\/span><\/span>\u00a0<\/span>
\n<\/span><\/span><\/p>\nStep 5 \u2013<\/strong> Select the VAT\/GST type: Sale and Purchase.<\/span><\/span>\u00a0<\/span><\/p>\n
The VAT\/GST types specify the transactions on which the new VAT\/GST rate can be used.<\/span><\/span>\u00a0<\/span><\/p>\n
Step 6 \u2013<\/strong> Click the \u2018Save\u2019<\/span> button.<\/p>\n
Your new VAT\/GST rate will be added successfully. It can now be applied to sale\/purchase transactions in Receipt Bot.<\/p>\n
Option 4: Import a list of VAT\/GST Rates from a CSV file<\/h2>\n
You can also import a list of VAT\/GST rates to Receipt Bot using our import VAT\/GST Rate import template.<\/p>\n
Follow these steps to import VAT\/GST rates in Receipt Bot:<\/p>\n
Step 1 \u2013<\/strong> Navigate<\/span> to the\u202f<\/span><\/span>\u2018<\/span>Master Data<\/span>\u2019<\/span><\/span>\u202fpage<\/span> from the left side of business menu.<\/span><\/span><\/p>\n
Step 2 \u2013Click the “VAT Rates”<\/span> page.<\/p>\n
Step 3 \u2013 Click the\u202f<\/span><\/span>\u2018Import VAT\/GST Rates\u2019<\/span><\/span>\u202fbutton.<\/span><\/span><\/p>\n
Step 4 \u2013<\/strong> Download the \u2018VAT\/GST rates Import Template\u2019<\/span> file.<\/p>\n
Step 5 \u2013<\/strong> Place your VAT\/GST rate data according to the required format<\/p>\n
Note: Do not change the column headers; save the data in \u201cCSV\u201d format.<\/div>\nThe following data must be provided for VAT\/GST rates when importing with this template:<\/p>\n
- \n
- *Tax Name: (Mandatory) A short name for identifying the VAT\/GST records through the system.<\/li>\n
- *Tax Percentage: (Mandatory) The effective percentage to be applied to the net amount for VAT calculation.<\/li>\n
- *VAT\/GST Type: (Mandatory) The type of transactions on which the new VAT\/GST rate can be used.<\/li>\n<\/ul>\n
Step 6 \u2013<\/strong> Click the \u2018Browse\u2019<\/span> button and select the formatted CSV file.<\/p>\n
The system will validate your data and perform the following checks;<\/p>\n
- \n
- All the mandatory fields are filled.<\/li>\n
- The VAT\/GST name is not duplicated for the selected business.<\/li>\n<\/ul>\n
Step 7 \u2013<\/strong> Click the \u2018Import\u2019 <\/span>button to complete the import process.<\/p>\n
Your list of VAT\/GST<\/span> rates should be imported to Receipt Bot and appear on the VAT\/GST Rates page.<\/p>\n
Option 5 \u2013 Edit or archive existing VAT\/GST Rate<\/h2>\n
Step 1 \u2013<\/strong> Navigate<\/span> to the\u202f<\/span><\/span>\u2018<\/span>Master Data<\/span>\u2019<\/span><\/span>\u202fpage<\/span> from the left side of business menu.<\/span><\/span><\/p>\n
Step 2 \u2013<\/strong>Click the “VAT Rates”<\/span> page.
\n
\nStep 3 \u2013<\/strong> Click the\u202f<\/span><\/span>\u2018Import VAT\/GST Rates\u2019<\/span><\/span>\u202fbutton.<\/span><\/span><\/p>\nStep 4 \u2013<\/strong> Click the \u2018Edit\u2019<\/span>
![\"icon\"](\"https:\/\/www.receipt-bot.com\/assets\/video\/create-update-vat-rates\/edit-icon.jpg\")
for the VAT\/GST rate you want to edit.<\/p>\nStep 5 \u2013<\/strong> Click the relevant field and update as required. For example, click the \u2018Status\u2019<\/span> field and set it as \u2018Archived\u2019<\/span> to archive a VAT\/GST rate.<\/p>\n
The archived VAT\/GST rates are filtered out by default on the page, and you can clear the filter on the \u201cStatus\u201d<\/span> column to view archived records.<\/p>\n
Step 6 \u2013<\/strong> Click the \u2018Save\u2019<\/span>
![\"icon\"](\"https:\/\/www.receipt-bot.com\/assets\/video\/create-update-vat-rates\/save-icon.jpg\")
<\/p>\nYour changes will be saved for the VAT\/GST rates in Receipt Bot.<\/p>\n
Limitations in Receipt Bot mobile app<\/h5>\n
Receipt Bot has no feature related to adding or updating VAT\/GST rate data from the Receipt Bot mobile apps. Please use the Receipt Bot web portal if you need to perform such changes.<\/p>\n
Frequently Asked Questions<\/h5>\n
Q: Can Receipt Bot automatically import VAT\/GST rate data from accounting software?<\/strong>
\nA: By integrating your business with accounting software, Receipt Bot will automatically import<\/span> all your VAT\/GST rate data and keep it current.<\/p>\nQ: What happens if I do not set a business as Registered for VAT\/GST?<\/strong>
\nA: If a business is set VAT\/GST Registered, the system will extract the VAT\/GST amount from the bills\/receipt documents.
\nThe VAT\/GST amount will be zero for uploaded documents if a business is not registered for VAT\/GST.<\/p>\nRelated help articles<\/h5>\n
- Cash Scheme:<\/strong> The cash scheme requires calculating the VAT amount when the payment is sent or received. Receipt Bot currently does not support this VAT scheme.<\/li>\n
- If you need to connect to QuickBooks Online, follow this guide; Integrate with QuickBooks Online.<\/a><\/li>\n<\/ul>\n