How to Change VAT in Palladium Accounting

How to Change VAT in Palladium Accounting

Overview

It is important to know when and how to change the VAT in your system to stay tax compliant and keep our tax records correct. For example, in January 2026, ZIMRA's VAT increased from 15% to 15.5% under the 2026 Budget.

Step-by-Step Guide

Step 1. Navigate to the Tax Rates

  1. Open Palladium and log in as an administrator.
  2. Go to Control Panel or Company Settings.
  3. Open Tax Settings  > Tax Rates.
  4. Locate your existing VAT code (e.g., VAT15).

Step 2. Update VAT

You have two options:
  1. Click New Tax Code.
  2. Give it an appropriate name for the VAT (e.g., VAT155).
  3. Set rate to the new rate (e.g. 15.5%).

Option B: Edit existing VAT code

  1. Select the VAT you want to update.
  2. Change the rate to the new tax rate (e.g. from 15% to 15.5%).
    1. You may change the name if you would like to avoid confusion.

Step 3. Apply updates

  1. Click Save to save changes.
  2. Update Item Master and Customer/Vendor default tax codes if they must use the new VAT rate.
  3. Re-start Palladium if prompted by the application.
  4. Create a test invoice to see if the new VAT is reflecting on the invoice.

    • Related Articles

    • Updating VAT in Cin7 Core

      Step-by-Step Guide Step 1: Go to Tax Settings Log in to Cin7 Core with your Admin credentials. Navigate to Settings → Financial Settings → Tax Rules. This is where all tax rules are created and managed. Step 2: Create a New Tax Rule Default tax rules ...

    • How to change VAT in Odoo Accounting

      Overview It is important to know when and how to change the VAT in your system to stay tax compliant and keep our tax records correct. For example, in January 2026, ZIMRA's VAT increased from 15% to 15.5% under the 2026 Budget. To stay compliant, ...

    • How to Change VAT in Odoo 17

      Overview It is important to know when and how to change the VAT in your system to stay tax compliant and keep our tax records correct. For example, in January 2026, ZIMRA's VAT increased from 15% to 15.5% under the 2026 Budget. To stay compliant, ...

    • How To Change VAT in Odoo Cloud

      Overview To change a VAT rate in Odoo Cloud, it is recommended that you create a new tax record with the updated rate rather than editing the existing one. This approach preserves the historical accuracy of past transactions. Step-by-step Guide Step ...

    • How To Change VAT in Xero

      Overview In Xero, you cannot directly change the percentage of an existing VAT rate if it has already been used in transactions. Instead, you should create a new VAT rate and then apply it to new transactions or update defaults. Step-by-Step Guide ...