The two standard VAT rates for the Netherlands are 21% and 9%, the high and low rates.

Creating a new VAT code

A VAT code is how VAT rates are defined. You might need only two, for the two rates mentioned above, or you might need a transitional one in case an increase in VAT is expected on a certain date. To create a new VAT code, go to the VAT codes menu in the Financial module. Click 'New' and enter a name, a code that is recognisable in your accounting software, and one or more rates with an 'In effect from' date. The ledger account that you add here, is the ledger account on which the VAT amounts will be registered.

Applying the VAT rate

In BEX PMS, all products and services for which VAT could be charged are presented in cost items and rent. You do not need to set the VAT percentage for each cost item individually. Instead, you link a VAT rate to a ledger account, so all cost items in the assignments list of that ledger account apply the same VAT rate. In the 'Ledger accounts' menu in the Financial module, you can see for which ledger accounts a VAT rate is linked, and if so, which rate. When creating a new ledger account or editing an existing one, you can change the applied VAT rate.
Create ledger account
Assign ledger account