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Tip No. 035 - Calculating VAT with RetailEdge
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    Tip No. 035 - Calculating VAT with RetailEdge

    by RetailEdge Moderator » Wed Oct 15, 2014 11:31 am

    Many countries use a Value Added Tax (VAT) tax structure. This is where the price information provided to the consumer includes all taxes. Setting up and using VAT in RetailEdge is pretty easy. Here is how to do it.

    Setup your system to use VAT. Edit your location settings (Tools|Settings|Locations), press the Sales Tax tab, and then select VAT Mode from the Sales Tax Mode options.

    Use the Built In Price Calculator. When creating and editing item prices, use the Price Calculator. To do this:

    1. Press the Price Calc. button on the bottom of the Item Editor Price tab.
    2. Select the VAT Mode Checkbox.
    3. Type the VAT inclusive price in the Price 1 field and press Enter. RetailEdge will automatically calculate the Price1 required to make the VAT inclusive price to equal the entered value. The VAT inclusive price will be listed below. Many times this will require the price to go to 4 digits after the decimal place to ensure that multiples and lower price point items don't have rounding errors.

    RetailEdge will automatically print receipts and labels with the VAT included price.
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