This article describes how to create VAT rates and how to apply and use them in Timechimp.
Creating VAT rates
VAT rates are managed, just like activities and products etc. You can find them via the gear icon in the upper right corner or read more in this article.
Then click on + New VAT rate to create a new rate. These are the rates you can use later for your customers, invoicing, or registrations. In short, create the rates here that you use within the organization! You can also link them to your accounting software using codes. Additionally, choose whether the created VAT rate should be displayed on the invoice.
VAT rates for expenses
If you register expenses, you can choose which VAT rate is relevant! Each expense could have a different rate, so always select the right one! Read more about this in this article.
VAT rates for invoices
When creating and/or editing Relationships, it is possible to select a default VAT rate. This is the rate calculated over the entire invoice and defaults to 21%. However, it can be changed to one of the rates you added in management. More information on relationships can be found here: How to add new relationships.