How do I Create a V.A.T. Only Transaction?

Summary

The following article outlines how to reverse the V.A.T. portion of an invoice. This is useful in cases where a account has been invoiced with V.A.T. by mistake e.g. an item was exported but charged inclusive of V.A.T. or an internal account has been invoiced with V.A.T.

More Information

This reversal is done through the Sales Ledger as follows: -

Go to " Systems\Accounts Sales Ledger Invoice/Credit Notes".

• Set "Invoice/Credit:" to 'C'.
• Enter the appropriate account.
• Enter the sales centre of the original posting.
• Press <Enter> to get the next credit note number.
• Enter a relevant comment e.g. 'V.A.T. reversal'.
• Press <F5>.
• In "Product Description:" enter a more detailed description that includes the original invoice no (e.g. 'To reverse V.A.T. element of Invoice No. 12345').
• Press <F5>.
• Press <F7> to Edit Totals.
• Press <Down Arrow> and enter the V.A.T. amount of the original invoice.
• Press <F5> to print the credit.
• Click [Accept] to complete the posting.

See Also

• Getting Started
• Frequently Asked Questions
• Master Class Tips
• Getting Started - Accounts

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Keywords AND Misspellings

vat, V.A.T. , only,reversal

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