VAT settings by item
In the sales process, you set the rate group for each item.
Description
If you invoice Items, you must record the VAT rate group in which the item falls. For instance, in the Netherlands, children's shoes fall in the High rate group.
You set items for the rate groups associated with the legislative country of your administration. For each item, you can also record the VAT rate groups for other countries you will report to.
The 'Journalise' function carries the invoices from Profit Order Management, Profit Projects and Profit Subscriptions forward to the Financial module in Profit. Profit determines the VAT code for an invoice as follows:
- The VAT duty set by Debtor or Creditor.
- The VAT duty set by Item (article, work type, costs, assembled item).
- The Legislative country of the administration from which invoicing is performed.