Difference between revisions of "How do I account for retained deposits?"
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As of April 2019 the law has now changed and you must account for V.A.T. on retained deposits. | As of April 2019 the law has now changed and you must account for V.A.T. on retained deposits. | ||
| − | To do this please raise a [[How do I produce a text invoice in Platinum?|manual invoice]] for the full deposit amount including VAT. Mark the invoice as paid using the deposit as payment | + | To do this please raise a [[How do I produce a text invoice in Platinum?|manual invoice]] for the full deposit amount including VAT. Mark the invoice as paid using the deposit as payment. |
| + | You may need to create a [[How do I create a sales or purchase centre?|sales centre]] and link it to a Nominal centre to account for the nett amount. Or you may wish to use an existing centre such as New or Used Unit Sales. | ||
| + | |||
| + | Seek advice from your accountant if you are unsure how to proceed. | ||
== See also == | == See also == | ||
Revision as of 17:05, 10 December 2020
Summary
The following article explains how to deal with any retained deposits for unit sales orders that have fallen through and for which you are keeping the deposit.
More Information
As of April 2019 the law has now changed and you must account for V.A.T. on retained deposits.
To do this please raise a manual invoice for the full deposit amount including VAT. Mark the invoice as paid using the deposit as payment.
You may need to create a sales centre and link it to a Nominal centre to account for the nett amount. Or you may wish to use an existing centre such as New or Used Unit Sales.
Seek advice from your accountant if you are unsure how to proceed.
See also
- How do I create a sales or purchase centre?
- How do I create a nominal code?
- How do I find a customer?
- How do I produce a text invoice in Platinum?
