Using VAT Key Assignments

  • 31/08/2023
  • 3 minutes to read

VAT key codes can automatically populate VAT fields in Business Central. This eliminates the need to manually fill in the VAT details every time. To apply VAT key codes, you must first create them and then map them to the relevant VAT fields in Business Central. Once done, the VAT fields will auto-populate with the relevant information whenever the VAT key code is used. This will save you time and reduce the chances of errors in VAT reporting.

Note

The VAT Key Assignments feature is part of the Essential module that you can use free of charge. Go to the Introduction to the Essential Module article to learn more about activating the module.

To add a VAT key:

  1. Go to Essential > VAT Key Assignments.

  2. Select New.

  3. For the new VAT Key, enter the following information:

    FieldDescription
    CodeEnter the VAT code. For example, V19.
    Gen. Posting TypeSelect the posting type for the VAT key code. For example, Sales.
    Gen. Bus. Posting GroupIf necessary, you can specify a different General Business Posting Group here.
    Gen. Prod. Posting GroupIf applicable, enter the General Product Posting Group.
    VAT Bus. Posting GroupDefine the VAT Business Posting Group, if required.
    VAT Prod. Posting GroupIf needed, you can specify a different VAT Product Posting Group at this stage.

In each GL account, there is an option to check if the VAT key added to the Posting FastTab is being used in a general journal or an invoice. This option is called Check VAT Key. When this check is activated, you cannot use a different code than the one already used for the account. This ensures that the VAT code used in the transaction is the correct one and prevents any errors.

To enable the Check Tax Key:

  • On the G/L Account Card, navigate to the Continia Finance FastTab, and enable Check Tax Key. If the VAT key on an invoice differs from the one specified in the Posting FastTab, an error occurs.