Currencies and tax for the client's country
You will be able to: Configure base and foreign currencies with exchange rates; Set up and check Zeyto's tax codes and VAT boxes; Know where country-specific coverage must be confirmed.
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Money and tax settings are where mistakes become expensive. Do them with the accountant present.
Currencies
Zeyto has a long list of world currencies built in. Choose the base currency in Company Profile first. Only add a currency in Settings, Currencies if one is missing. For clients who trade in other currencies, add rates in Settings, Exchange Rates. A foreign-currency document needs an exchange rate, and a document in the base currency has a rate of 1.
Tax codes in Zeyto
Settings, Tax Management holds the codes. For the UAE Zeyto comes with five: SR5, ZR, EX, RCM and OOS. Each has a treatment that fills in the rate and the VAT201 boxes:
| Treatment | Rate | Notes |
|---|---|---|
| Standard (SR5) | 5% | Box 1 on sales, box 9 on purchases |
| Zero (ZR) | 0% | Reported in box 4; recoverable input VAT for the seller |
| Exempt (EX) | 0% | Reported in box 5; different from zero-rated |
| Reverse Charge (RCM) | Buyer accounts for VAT | No VAT on the document itself |
| Out of Scope (OOS) | None | Outside UAE VAT, no boxes |
A change to a code affects documents posted afterwards. Documents already posted keep their VAT. Set a default VAT code on each item group, so new items start on it. The code can still be changed on a line, for example to zero-rate an export. A customer's own treatment does not change the code by itself.
Controls that protect VAT
- Posting Controls can refuse a sales invoice that charges VAT when the customer has no TRN.
- The VAT Return Worksheet prepares the figures. Filing the return with the tax authority is done by the client or their agent, outside Zeyto.
- A VAT-related document dated in a filed VAT period cannot be submitted, amended or cancelled.
Other countries
Zeyto is built for UAE VAT. You can add tax codes with a rate and boxes for another jurisdiction, but the VAT return worksheet is shaped like the UAE return. Before promising anything for another country, confirm with Zeyto what is covered and record it as a fit-gap item.
Practise in the demo
- Open Settings, then Tax Management and read the five codes with their treatment and boxes.
- Open Settings, then Currencies and Exchange Rates. Note how a rate is added.
- Open https://demo.zeyto.app/demo-app/ and sign in with the demo login. This is a public demo with sample data, so nothing you do there affects a real business.
Public demo company, sign in as admin / demoAdmin123. Data refreshes nightly.
- Choose base currency first, add currencies only if missing, and keep rates up to date.
- Five UAE tax codes cover most cases; zero-rated and exempt are reported differently.
- For another country, confirm coverage with Zeyto before promising.
Check yourself
3 questions on this lesson. Not timed, not the exam, and you can try again. Score 60% or more, and read the lesson, to complete it.