How do I Create a V.A.T. Only Transaction?
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Revision as of 14:59, 11 October 2013 by Richard Green (talk | contribs)
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 e.g. 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 " Systems\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.
See Also
- Creating a New Customer/Supplier
- Do I have to remember all these Account Codes?
- How do I Account for Vat on Vehicle Deposits?
- How do I make a Customer Exempt of VAT?
- How do I Produce a Non-VAT Invoice for a Customer?
- How do I Run the VAT 100 Report?
- How do I Roll Back my VAT Period?
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