How to Check VAT
How do I check VAT correctly?
The issue is that some VAT calculators show different results, making it confusing to verify the exact amount. Also, some reports exclude non-VAT payments, which affects accuracy.
I’m using https://calcvat.uk can anyone tell me if its results are accurate?
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Support Staff 1 Posted by Maddy on 13 Mar, 2025 12:26 PM
Hi,
Thank you for contacting Moneydance support.
Firstly, you should navigate to General Preferences, by choosing File > Preferences > General and enable Use VAT.
When enabled, Moneydance will automatically split any transactions that have associated VAT rates into two categories, one to reflect the purchase cost and one for the VAT.
For further details please refer to this article of the Knowledge Base.
Within Moneydance you can specify which categories are to be used with VAT, the rate for each category, and to which expense category you'd like the VAT assigned by enabling the VAT Settings as outlined here.
You can also choose VAT Transactions via Tools->VAT.
This feature displays a list of all the transactions for a specified account that have VAT/GST applied to them.
Lastly, for Tax Related Reporting, please refer to this article of the Knowledge Base.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.
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Maddy, Infinite Kind Support