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Products include vat
On 4th January 2011, businesses will have to switch the VAT rate to 20% , following 12 months at 17.5%.
This guide will show you how to do this if your products include vat.
Firstly log into your ekmPowershop account and go to settings > Tax
On the following window simply put the tax as 20 and click the update button at the bottom of the screen.
Now the VAT value of each product will be 20% instead of 17.5%, you may wish to increase your core product prices to keep the same margin, preventing any impact on your profits.
To update the product prices in bulk, go to the settings > stock control area of your account and click the Stock Control Setup tab. Make sure the radio button for Bulk Price Change System is set to active and press update. You will then see a Bulk Price Change tab appear in the upper area of the page:
Within the Bulk Price Change tab, you can increase or decrease the value of products in bulk, by either percentage or numeric value. To change all items in the shop, select "show all products" from the dropdown category menu and select 250 from the products per page dropdown menu. Each bulk change has to be applied to each page of products within the product list, so reducing the amount of pages by increasing the items per page will speed up the process.
Within the yellow header bar, tick the first tickbox in the left hand column. This will select all items on that page. Select "increase" from the sum dropdown menu and enter the value 2.128 which is an update from 17.5% to 20% While keeping the increase as a percentage. Clicking "update selected prices" will apply the change to all those selected. Any changes made in here can not be undone, unless you recalculate the prices again using a new sum - so caution is required when entering your numeric or percentage values.
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