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How to implement
VAT
in
BUSY 3.0
 
Enabling VAT in BUSY
1.Enabling VAT at the time of creating company.This will create the default masters required for VAT Accounting.2.If the user wants to enable VAT later he can do so as follows:
•
Go to
 Administration
Configuration
Features/Options.
•
Select ‘
Sales Tax & VAT’
tab and set ‘
Enable VAT 
’ to ‘
Y’.
•
Provide 11-digit ‘
TIN No
’
 
in specified field.
•
Select the required State from ‘
 Additional Sales Tax/VAT Registers for State
’ list.
•
Save this information.
 
 VAT Opening Balances
After enabling VAT in Busy, You can provide VAT Opening Balances through
 Administration
Configuration
Opening Information
VAT OpeningBalances.
To EnableVAT inBusyChoose Statefrom the ListProvide TIN No.
 
Data Entry according to VAT
Since BUSY is VAT compliant from the beginning, there is no change in the wayyou would enter your Sales and Purchases after enabling VAT. You will keep onfeeding the data as it is, as you would be doing before enabling VAT.Default Sales/Purchase Types (like VAT/1% (R), VAT/1% (T), VAT/4% (R), VAT/4%(T), VAT/12.5% (R), VAT/12.5% (T)), required for VAT, gets created in BUSY at thetime of company creation.VAT/1% (R) denotes Sale Type of Retail Invoice when VAT is charged @ 1%.VAT/1% (T) denotes Sale Type of Tax Invoice when VAT is charged @ 1%.VAT OpeningBalances
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