How to setup & use VAT margin scheme using RepairDesk?
Repairdesk offers the flexibility to activate VAT Margin for specific product categories and the Trade-In section in the POS. By following a few simple steps, you can easily set up VAT Margin in Repairdesk according to your business needs.
Activating VAT Margin
To get started with activating VAT Margin, follow these steps:
- Go to your Store Settings in Repairdesk.
- Click on VAT Margin.
- Enable VAT Margin by toggling the switch to "On".
- Provide the tax class name and percentage that you want to charge.
- Save your settings.
Applying VAT Margin to Product Categories
After enabling VAT Margin, you can apply it to specific product categories. This ensures that the VAT margin is only applied to the items within those categories. To apply VAT Margin to a product category, follow these steps:
- Go to the Product Categories section in Repairdesk.
- Select the desired category to which you want to apply VAT Margin.
- Activate VAT Margin for the selected category.
Upon activating VAT Margin for a specific category, Repairdesk gives you the option to apply the changes to all previously-created items or only to newly-created items under that category. Choose the appropriate option based on your requirements.
VAT Margin for Trade-In
In addition to product categories, you can also enable VAT Margin for the Trade-In section of Repairdesk. This feature allows you to apply VAT Margin specifically to trade-in items. To enable VAT Margin for Trade-In, follow these steps:
- Go to the Trade-In section in Repairdesk.
- Enable VAT Margin for Trade-In.
Once VAT Margin is activated for a product category or Trade-In, the tax will be applied on the margin and not on the retail price when you sell an item from that category or trade-in a device.
By following these simple steps, you can easily set up VAT Margin in Repairdesk according to your specific requirements. This feature allows you to accurately calculate taxes based on the difference between the purchase price and selling price of items, ensuring compliance with the VAT Margin Scheme tax regulations applicable in the EU territory.