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| | == Summary == | | == Summary == |
| − | This article will explain how to post a V.A.T. only credit.
| + | The Knowledge Base article [[How do I Create a V.A.T. Only Transaction?|How do I Create a Vat Only Transaction?]] explains how to create a Credit Note to reverse the V.A.T. portion of an invoice. |
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| − | == More Information ==
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| − | This is useful in cases where a account has been invoiced with V.A.T. by mistake
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| − | {{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|Systems\Accounts|{{SL}}|Invoice/Credit Notes}}.
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| − | * Choose {{DataValue|Credit Note}} from the {{DataPrompt|Doc Type:}} drop down menu.
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| − | * The {{DataPrompt|Date}} will default to your System Date, change this if necessary.
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| − | * Enter the appropriate Customer Account or press {{KeyPress|C-F1}} to [[How do I Find a Customer?|search]] for an account code.
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| − | {{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.}}
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| − | * 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.
| + | {{Information|title=Remember|text=In the Product Description to explain why the credit is for V.A.T. only.}} |
| − | * Enter the sales centre of the original posting on the {{DataPrompt|Def. Centre}} field. To search for a centre press {{KeyPress|C+F1}}.
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| − | * Enter a relevant comment e.g. {{DataValue|V.A.T. Reversal}}
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| − | * Click {{Button|Next}} to move onto the {{Tab|Text}} tab.
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| − | * 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.}}
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| − | * Click {{Button|Next}} to move onto the {{Tab|Summary}} tab.
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| − | * 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.
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| − | * Click {{Button|Print}} to print the credit.
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| − | * You will be warned the V.A.T. is outside the normal limits, click {{Button|Continue}} to proceed.
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| − | * Click {{Button|Accept}} to complete the posting.
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| | == See also == | | == See also == |
| | * [[How do I Do a V.A.T. only Invoice?]] | | * [[How do I Do a V.A.T. only Invoice?]] |
| − | * [[How do I Find a Customer?]]
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| − | * [[How do I make a Customer Exempt of VAT?]]
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| − | {{KB_Tags|VAT, V.A.T, Value, Added, Tax, Credit,Text, Sales, Refund, Reversal}} | + | {{KB_Tags|vat, v.a.t, value, added, tax, credit, text, sales, refund}} |
| − | {{ZN_Accounts}} | + | {{How}}{{KB_SL}}{{ZN_Accounts}} |
| − | {{KB_Ref|SL15}} | |
Summary
The Knowledge Base article How do I Create a Vat Only Transaction? explains how to create a Credit Note to reverse the V.A.T. portion of an invoice.
| Remember: In the Product Description to explain why the credit is for V.A.T. only. |
See also
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'No'Keywords AND Misspellings
vat, v.a.t, value, added, tax, credit, text, sales, refund
