Difference between revisions of "How do I Create a V.A.T. Only Transaction?"
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== Summary == | == Summary == | ||
| − | The following article outlines how to reverse the V.A.T. portion of an invoice. | + | The following article outlines how to reverse the V.A.T. portion of an invoice. |
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== More Information == | == More Information == | ||
| − | This reversal is done through the {{SL}} | + | This is useful in cases where a account has been invoiced with V.A.T. by mistake. |
| + | |||
| + | {{Example|text=An item was exported but charged inclusive of V.A.T. or an internal account has been invoiced with V.A.T.}} | ||
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| + | This reversal is done through the {{SL}} as follows: - | ||
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| + | Go to {{Menu|{{SL}}|Invoice/Credit Notes}}. | ||
| + | * Choose {{DataValue|Credit Note}} from the {{DataPrompt|Doc Type:}} drop down menu. | ||
| + | * The {{DataPrompt|Date}} will default to your System Date, change this if necessary. | ||
| + | * Enter the appropriate Customer Account or press {{KeyPress|C-F1}} to [[How do I find a customer?|search]] for an account code. | ||
| + | |||
| + | {{Note|text=The {{Tab|Document to Credit Selection}} box will pop up if there are outstanding invoices on the Customer's Account. To link this credit to a specific invoice, click on that invoice in the list and click {{Button|Choose}}. Alternatively choose {{DataValue|Unallocated}} to post an unallocated credit.}} | ||
| + | |||
| + | * The {{DataPrompt|Doc No.}} will be filled in for you with either the number of the invoice you have selected or a new Credit Note number. | ||
| + | * Enter the sales centre of the original posting on the {{DataPrompt|Def. Centre}} field. To search for a centre press {{KeyPress|C-F1}}. | ||
| + | * Enter a relevant comment e.g. {{DataValue|V.A.T. Reversal}}. | ||
| + | * Click {{Button|Next}} to move onto the {{Tab|Text}} tab. | ||
| + | * In {{DataPrompt|Product Description:}} enter a more detailed description that includes the original invoice number e.g. {{DataValue|To reverse V.A.T. element of Invoice No. 12345.}} | ||
| + | * Click {{Button|Next}} to move onto the {{Tab|Summary}} tab. | ||
| + | * Click into the relevant V.A.T. Rate box e.g. into {{DataValue|Std Rate}} and enter the amount of V.A.T. you are crediting - this should be entered as a Positive amount. | ||
| + | * Click {{Button|Print}} to print the credit. | ||
| + | * You will be warned the V.A.T. is outside the normal limits, click {{Button|Continue}} to proceed. | ||
| + | * Click {{Button|Accept}} to complete the posting. | ||
| − | + | == See also == | |
| − | * | + | * [[How do I make a Customer Exempt of VAT?]] |
| − | + | * [[How do I produce a non-VAT invoice for a customer?]] | |
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| − | + | {{KB_Tags|vat, v.a.t., only, reversal, vat only, vat invoice, vat credit, vat only credit, vat only invoice, manual invoice, text invoice, text}} | |
| + | {{FAQ}}{{How}}{{ZN_Accounts}} | ||
Latest revision as of 05:30, 19 June 2019
Summary
The following article outlines how to reverse the V.A.T. portion of an invoice.
More Information
This is useful in cases where a account has been invoiced with V.A.T. by mistake.
 | An item was exported but charged inclusive of V.A.T. or an internal account has been invoiced with V.A.T. |
This reversal is done through the Sales Ledger as follows: -
Go to " Sales Ledger Invoice/Credit Notes".
- Choose 'Credit Note' from the "Doc Type:" drop down menu.
- The "Date" will default to your System Date, change this if necessary.
- Enter the appropriate Customer Account or press <Ctrl+F1> to search for an account code.
 | The [Document to Credit Selection] box will pop up if there are outstanding invoices on the Customer's Account. To link this credit to a specific invoice, click on that invoice in the list and click [Choose]. Alternatively choose 'Unallocated' to post an unallocated credit. |
- The "Doc No." will be filled in for you with either the number of the invoice you have selected or a new Credit Note number.
- Enter the sales centre of the original posting on the "Def. Centre" field. To search for a centre press <Ctrl+F1>.
- Enter a relevant comment e.g. 'V.A.T. Reversal'.
- Click [Next] to move onto the [Text] tab.
- In "Product Description:" enter a more detailed description that includes the original invoice number e.g. 'To reverse V.A.T. element of Invoice No. 12345.'
- Click [Next] to move onto the [Summary] tab.
- Click into the relevant V.A.T. Rate box e.g. into 'Std Rate' and enter the amount of V.A.T. you are crediting - this should be entered as a Positive amount.
- Click [Print] to print the credit.
- You will be warned the V.A.T. is outside the normal limits, click [Continue] to proceed.
- Click [Accept] to complete the posting.
See also
