Quick Start Manual

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Foreign Trade


This section discusses the setup that you must perform if you're going to trade with foreign countries.
Tax agencies around the world require you to report the VAT on the import & export of goods separately from
the VAT on regular sales/purchases. That's why you need to create separate VAT codes for foreign trade.




Setup Foreign Trade


You need to setup foreign trade VAT Codes if you're going to import & export outside the EU.
You will create new VAT Codes to easily distinguish foreign sales and purchases from local and European sales and purchases.

This example assumes that we're a Dutch company.
The default VAT percentage in Holland is 21% (2014).
Holland also has VAT percentages 0% and 6% (2014).
We need to create Export and Import VAT Codes for these percentages.
You also need to create a services variant for each of those codes.

Dutch companies that import and export goods will end up with the following codes:

Export VAT Codes:
'World: Export of Goods 0%' - 0%
'World: Export of Services 0%' - 0%

Import VAT Codes:
'World: Import of Goods VAT High' - 21%
'World: Import of Services VAT High' - 21%
'World: Import of Goods VAT Low' - 6%
'World: Import of Services VAT Low' - 6%
'World: Import of Goods VAT Zero' - 0%
'World: Import of Services VAT Zero' - 0%

This example shows you how to create the code: 'World: Import of Goods VAT High' - 21%

Go to: 'VAT > VAT Wizard'

Step 1: Choose option: 'New vat code + percentage'


Step 2: Specify the name: 'World: Import of Goods VAT High' and specify VAT percentage 21%.
Set the trade type to: 'Foreign Trade'.


Step 3: Check the summary and click on 'Finish'.


Simply repeat these steps for each of the other VAT Codes.

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