How do I post a journal with VAT?
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Summary
This article explains how to post a journal in the Nominal Ledger where V.A.T. is involved.
 | This does not relate to payments (or refunds) of V.A.T. from HMRC. Payments (or refunds) should be processed like any other "normal" journal - this article deals with any items that incur a vat liability or credit. |
More Information
When you have something to post that involves V.A.T., such as a receipt for goods or a petty cash item, we would advise you to post this through the Purchase Ledger rather than the Nominal Ledger. It does make the accounting simpler, but there are occasions when you want to post these in the Nominal Ledger, and this article explains how to do this so that the entries are shown on your VAT 100 Report.
- Go to "Nominal Ledger" -> "Journal Entries".
- At "Entry mode", choose 'Multiple'.
- At "Date", enter a date for the journal.
- Enter your journal in the normal way.
- Enter the value of the item that involves V.A.T.
- Select the type of V.A.T. from the drop-down box, either 'Input' or 'Output'.
- Select the rate to use from the drop-down box.
- Click [Add].
- The V.A.T. will be calculated and added on top of the value that you entered.
- Press <F4> if you want to deduct the V.A.T. from the figure that you entered.
- You will see the total V.A.T. amount at the top of the screen increasing as you enter relevant journals.
- Exit from the journal as usual when complete.
See also
