Once you have VAT enabled in your Business Profile, all your transactions will now show a VAT component. You can either select from one of the rates we’re suggestion or simply head into the full VAT rate selector:
VAT rate suggestions
The VAT rates we apply to a transaction is primarily based on the Category that’s assigned to the transaction or we will suggest you apply a rate.
You can change the VAT rate applied at any time. Just head into the transaction in question and you’ll be able to select from a full list of VAT rates.
If an expense has multiple VAT rates on it
If your expense has multiple VAT rates we recommend you simply add the entire VAT amount to the Exact Amount field. You can access the Exact Amount field by heading into the full VAT rate selector.
Selecting from a full list of VAT rates
To access the full list of VAT rates, head into your transaction and tap on the + icon after expanding the VAT amount area for the relevant transaction.
Red dots on my transaction list
These are transactions that need your attention. After you’ve enabled VAT, all your future transactions will start prompting you to apply VAT rates. In the instance where we have a rate suggested to you and are awaiting your input, we will flag this as a dot on your transaction list.
This is a simple indicator that a transaction requires your action.