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Intouch Retail VAT Increase
26 February 2018
VAT is set to increase, but don't stress, we have you covered.
In case you haven't heard yet, Government has proposed a one percentage point increase in the value-added tax (VAT) rate to 15%. The change will come into effect 1 April 2018.
We at Infomasters have done an extensive analysis on the Intouch System, and while the software can easily cater for the VAT change, there are some modules that may require an upgrade.
Infomasters Support Staff will be updating application modules where required. Updates are only required if you do monthly auto billing or the automatic reorder process or sell Airtime at POS.
Please download the following application to be run on close of business on the 31st of March 2018. The utility will update all VAT Rates from 14% to 15% and provide options to update your selling prices. On the morning of 1 April, you will need to reboot your dedicated POS computers to ensure they update with the latest VAT Rates from the server.
Frequently Asked Questions
The Intouch VAT update Utility provides two options on how you want the system to update the current active price.
- If you want do not want to update the shelf prices then select the first option: Update Current Active Price to Current Active Price Excl x 1.15 (If price Incl is R 114.00 then the new price Excl will be R 99.13)
- if you DO want to update the current active price then choose option 2: Update Current Active Price to Current Active Price Incl / 1.15 (If price Incl is R 114.00 then the new price Excl will be R 115.00)
When GRVing an invoice done at 14% after the VAT increase, capture the GRV as normal. Once all items have been added to the GRV , press Ctrl+Alt+R and enter the VAT %. Only vatable items will be changed and recalculated.If you GRV off a Purchase Order then you should have no need to recalculate VAT as the VAT rate will be based on the VAT rate one from the Purchase Order.
Similarly should you receive a GRV off a purchase order that was done at 14% but needs to be received at 15% , before posting the GRV, press Ctrl+Alt+R and enter the VAT Rate required.
Quotes generated before the 31 March 2018 at will stay at 14% VAT once invoiced, any quotes generated after the 31 April 2018 will be invoiced out at 15% VAT.
Should you have any concerns, please feel free to contact us on (011) 431-0192 or at email@example.com.