Prospectsoft CRM

• Important VAT Changes: How to update your Prospectsoft CRM 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 Prospectsoft CRM solution. To do this please follow the below instructions:
  
  

  Note: the following are not affected by the change in VAT rate:

  • Zero-rated goods, for example, basic food stuffs, children's clothing and children's footwear.
  • Good and services subject to VAT at the reduced rate of 5%

  Note:
  We are unable to advise which VAT rate you should apply in specific circumstances. If you are unsure, please confirm the correct VAT rate with HMRC either by phone or by consulting the relevant guidance on the HMRC website, http://www.hmrc.gov.uk

   

  Instructions:

  Prospectsoft have announced their changes to allow for the VAT Rate change and it does change our advice to our users of Prospectsoft when linked to the Opera II accounting system.

  If you do not process quotes or orders on Prospectsoft then you can just follow the standard Opera II instructions. If you do process quotes and orders then continue with these instructions.

  You must be at the point where you have processed through to invoice on the system everything that was delivered prior to the changeover date. This is very important as Prospectsoft will only allow you to use one VAT rate at a time.

  Once you reach that point, Opera II will allow you to change the VAT rate yourself– you need to go to Administration, System, Maintenance and into VAT Processing. If you are on a version of Opera II older than version 5 then you will just need to go to System, Maintenance and Vat Processing. If you are on Opera16 then you need to go to System and Vat Processing. Change the rate currently showing 17.5% to 15%. Do not change the date.

  At this point, you should run an Accounts Import in the normal way within your Prospectsoft system.

  You now need to run a utility issued by Prospectsoft on your data to set the VAT rate on existing unconfirmed quotes to 15%. This utility and instructions are located at the bottom of this article.

  When you have orders on the Opera system already which have been put on with the old rate of VAT as current, as those documents are progressed to the Delivery/Invoice stage, you must be sure to answer YES when asked if you want to edit the document to force the system to take your OPERAII DATE and apply the new VAT rate. If you do not do that then it will be invoiced at 17.5%. If you wish to raise any odd invoices or credits with a VAT rate of 17.5% then we suggest you create a new VAT code with 17.5% on it and use that.

  If your system has any bespoke on it then we strongly suggest you do some testing to ensure all is OK. Also, if you use XRL you should be aware of the change as you may have some fields which include a VAT calculation at 17.5%.

   

  » DOWNLOAD VAT CHANGE UTILITY AND INSTRUCTIONS FOR PROSPECTSOFT CRM (ZIP)
  » DOWNLOAD VAT CHANGES AND THEIR IMPACT ON PROSPECTSOFT AND IRIS CRM (PDF)