Sage 50 Accounts

Hi all My system shows the following 3 nominal codes for VAT: 2200 Sales Tax Control Account 2201 Purchase Tax Control Account 2202 VAT Liability Surely, VAT liabiity = Sales Tax - Purchase Tax, so why have a seperate code for VAT Liability…

If you're VAT registered, it's important to apply the correct tax rates, in Sage Accounts, the rates are applied based on the tax codes you choose for any transaction. The following overview article outlines some common goods and services an the tax rates…