Updating Your Tax Percentage
As you may or may not know, Minister Malusi Gigaba announced the increase in VAT (value added tax) during his Budget Speech on the 20th of February 2018. The VAT rate will be increased from 14% to 15% effective as of the 1st of April 2018.
Below we have listed our 4 software packages: GAAP, KingPOS, POS Control & QSR. Please look for your software package and read through the corresponding paragraph to prepare yourself ahead of the VAT increase on the 1st of April 2018.
Updating your GAAP software to reflect the latest tax percentage is a quick and easy process which you can carry out yourself at your store. You can either make use of the GAAP tax update tool or you can complete the process manually.
To complete the process using the tax update tool:
Please follow the below link to download the instructions and GAAP Tax Update tool: Tax Update Tool & Instructions Download
To complete the process manually:
Update Purchase Tax
- The first thing you are going to do is log in to your Back Office.
- Select Purchase Tax (this is the tax used when purchasing from a supplier).Click on the Stock Menu and select Purchase Tax from the dropdown menu.
- Select No. 1 then click on Edit. Change the percentage from "14" to "15". You can also use this opportunity to update the name to "Input Tax @ 15%". Click on Save and Exit.
Update Sales Tax
- You'll need to stay logged into your Back Office for this.
- Select Sales Tax (this is the tax charged when selling).Click on the Sales Menu item and select Special Records.
- Select Number 0015 then click on Edit. Change the percentage from "14" to "15". You can also use this opportunity to update the name to "Output Tax @ 15%". Click on Save and Exit.
If you would like to download a PDF version of the above steps with screenshots, please follow this link: GAAP Tax Percentage Update PDF
In KingPOS Software, you are only a few short steps away from updating your tax percentage. Please follow the below steps:
- From the Launch Screen, login to Configuration
- Go to Tax Groups
- In the Percentage column enter 15
- Click on Update to save the changes.
This will affect the Purchasing (incoming) and Selling (outgoing) of vatable items.
To download a PDF version of the above steps with screenshots, please follow this link: KingPOS Tax Percentage Update PDF.
Updating POSControl software can be done in store however, not all customers will have the permissions needed to carry out this change. If you are an independent customer, you should be able to complete the change in-store. If you are a franchise customer on central, the tax percentage update will be pushed down to your software for you but you will need to contact the call centre to update the text on your receipts.
- Go to POS Configuration > System > Tax Types and select VAT 14%
- Edit the Description and Tax Percentage to 15 and click Save
- Go to POS Configuration > POS > Outlets to confirm which BILL and RECEIPT template the outlet uses.
You are now going to edit the BILL and RECEIPT templates to show 15%.
- Go to POS Configuration > POS > Print Design and select the relevant BILL and RECEIPT template.
- Edit the VAT to 15% and select Save.
If you would like to download a PDF version of the above steps with screenshots, please following this link: POSControl Tax Percentage Update PDF
QSR Software users will have the update pushed down to their terminals. The change will show within the next 1-2 weeks. Stores who do not have a stable internet connection will be put in touch with our Helpdesk to complete the change manually.
This procedure can only be follow if your store has been notified of the update. This tool will adjust the mark-up % and exclusive amount. If you would like to adjust your inclusive selling prices, please use Future Stock. Before you start, please ensure all tills are available and online as stock will be transmitted at the end of the Tax conversion.
- Go to Retail Office
- Select Stock
- Within the Stock screen select Tools > Custom Tools
- Click on Update Tax Amount
- It should default to the correct tax rate, if not please adjust accordingly. The new value will be defaulted to 15%.
- Select Yes to confirm your settings are correct.
- The system will begin updating Tax Rates. Please note this may take a few minutes and you should not turn the machines off during this time.
- The system will automatically Transmit to the tills.
- The Custom Tools window will appear again, this means the system has completed the update and you click on Cancel.
While this tool makes every effort to convert your data as accurately as possible, it is still advisable to review your stock items and menu items once complete.
We recommend ringing up an item to see that the Vat % has transmitted correctly on the till slip.
If you would like to download a PDF version of the above steps with screenshots, please follow this link: QSR Tax Percentage Update PDF
Updating your tax percentage couldn't be simpler! If you get stuck, contact a member of the GAAP team to assist you on 0861 745 260.