How do I Create a V.A.T. Only Transaction?
From Catalyst
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
 | 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
| 'V.A.T. reversal'. |
- Press <F5>.
- In "Product Description:" enter a more detailed description that includes the original invoice no
| '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
- 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?
