Pegasus Opera 16

• Important VAT Changes: How to update your Opera 16 software

  Following the Chancellor's recent announcement, there have been changes made to the standard VAT rate. There is no software upgrade required for these changes; you need to amend the VAT % value within the Pegasus Opera 16 solution.

  Please note that there are complications due to the 14 day ruling, which relate to any goods/services delivered or provided prior to 18th November which will not be invoiced until after 1st December. If you are unsure regarding the 14 day ruling and which VAT rate to use please consult the relevant guidance on the HMRC website, www.hmrc.gov.uk

  Changes will also be necessary to correct any outstanding quotes, proformas, documents, orders and deliveries to ensure the VAT is correctly calculated. You will need to edit each line of any document to ensure that the correct VAT amount is recalculated prior to invoicing

  As previously stated, please adjust your standard VAT rate to be 15% from 1st December. We would also suggest a new VAT rate is added for 17.5% in case you do need to use this after 1st December.

  Please follow the below instructions:
  
  

  When entering Opera for Windows, you will be presented with the System menu. Yours may look a little different as user rights to the menus can be configured within the software,

  Click the VAT Processing menu option or press V on your keyboard.

  

  VAT Processing is where all the VAT codes and their associated rates are held. There will be two rates to change, one for Sales and one for Purchases.

  Click the Next menu option or press N on your keyboard.

  You will now need to edit the standard VAT code for Purchases. Click the Edit menu option or press E on your keyboard.

  Click on the Rate 1 % box. If you are entering the new rate on or after December 1st 2008, you can just edit the VAT Rate 1 to 15.00% but if you wish to enter the new rate prior to this date, you can utilise Rate 2 and enter the date in which the new rate becomes effective.

  You must now save this change by pressing F9 on your keyboard.

  Click the next menu option to change the VAT code for Sales.

  Click next until you find the Sales Standard Rate.

  Click on Edit.

  As above, amend either the rate 1, or rate 2 box to 15.00%

  You must now save this change by pressing F9 on your keyboard.

  The two VAT rates have now been changed.

  Click on the Quit menu option, or press Q on your keyboard.

   

  » DOWNLOAD VAT CHANGES FOR OPERA 16 (PDF)