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Accounting best practice: change VAT rate

by
Torvald Baade Bringsvor, Torvald B. Bringsvor
- 12/16/2015 06:58:17
Hi

Here in Norway we'll have a change in one of the VAT rates from January 1st, from 8% to 10%. The change is supposed to be applied for goods delivered after January 1st.

So what would the best way be to handle this? It seems to me that a new VAT rate has to be created for the 10% so that the accountants can choose themselves when sending invoices if an invoice should have 8% or 10%. And also when receiving supplier invoices we need to be able to handle both for a period.

Does this seem reasonable or is there a better way? I mean I'll probably have to test the VAT report to ensure that everything runs smoothly...

Torvald Baade Bringsvor
Bringsvor Consulting AS - Odoo (formerly OpenERP) implementation partner