Difference between revisions of "How do I account for retained deposits?"
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== Summary == | == 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. | 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 == | == 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 [[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]] to account for the nett amount or use an existing centre such as New Unit Sales. Seek advise from your accountant if you are unsure how to proceed. | 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]] to account for the nett amount or use an existing centre such as New Unit Sales. Seek advise from your accountant if you are unsure how to proceed. | ||
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== See also == | == See also == | ||
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* [[How do I create a sales or purchase centre?]] | * [[How do I create a sales or purchase centre?]] | ||
* [[How do I create a nominal code?]] | * [[How do I create a nominal code?]] | ||
Revision as of 17:04, 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 to account for the nett amount or use an existing centre such as New Unit Sales. Seek advise 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?
