Difference between revisions of "How do I Create a V.A.T. Only Transaction?"
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Go to "Accounts" -> "Sales Ledger" -> "Invoice/Credit Notes". | Go to "Accounts" -> "Sales Ledger" -> "Invoice/Credit Notes". | ||
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*Set {{DataPrompt|Invoice/Credit:}} to {{DataValue|C}}. | *Set {{DataPrompt|Invoice/Credit:}} to {{DataValue|C}}. | ||
*Enter the appropriate account. | *Enter the appropriate account. | ||
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*Click {{Button|Accept}} to complete the posting. | *Click {{Button|Accept}} to complete the posting. | ||
| − | {{FAQ}}{{KB_Tags|vat, reversal}}{{KB_SL | + | {{FAQ}}{{KB_Tags|vat, reversal}}{{KB_SL}} |
Revision as of 10:43, 10 October 2008
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 "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.
