If you wish to use VAT disclosure method you should first discuss it with your qualified accountant.

To use Opticabase with the VAT disclosure method you do as follows:

• Go into Lists/VAT (half way down first lists column) and enter your exempt mark up for specs and contact lenses eg 10%.
• You will then need to go in to Frames, Lenses, Coatings, extras, tints and Contact Lenses to give each item an exempt amount. If you enter a Retail price and Cost price for each item you can then click on “Update All exempt” to fill in the Exempt column or just click in the Exempt box and it will calculate the exempt amount for you.
• At the end of EVERY dispense (including GOS 1 only) you need to click on the “Order” button at the bottom right of the dispense screen and then click “New Order” and print it for the patient. This gives the patient the disclosed amount of VAT. (You must do this individually for each dispense)
• At the end of each day you should do a VAT check. Go to the Till screen and insert today’s dates in the dates boxes and click “check” under the “VAT 1” button on the right . Choose “1” for “daily check” so that you can check that a VAT Order has been done for EVERY dispense. If the totals do not match then you need to click on the “check” button again and choose “3” for “Job check” which should show which job has not had a VAT order done. Go back to that dispense and do a VAT order and then come back and do the daily check again.
• At the end of the VAT quarter, insert that VAT quarter dates in the Till screen date boxes and click on the “VAT 1” button. You can save this by clicking on “Print Preview” at the top of the screen and then click on the “PDF or XPF” button and save it on your PC. To work out how much VAT you need to pay over to HMRC you need to go to the last page of this report (Click on the right pointing arrow with the vertical line next to it at the bottom left of the report). Total is the total sales. Total VAT amt is the total VAT on the sales.
• Standing orders/Direct debits are treated separately. When you set up a standing order in Opticabase, at the top of the CL screen for a patient, you need to put an exempt amount in the exempt box. You then mark each standing order as paid each month on the standing orders screen. At the end of the quarter when doing the VAT as in the paragraph above, you need to click on the “S/O VAT 1” button for the VAT figures for the standing orders.