How do I Do a V.A.T. only Credit?
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Summary
This article will explain how to post a V.A.T. only credit.
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".
- Choose 'Credit Note' from the "Doc Type:" drop down menu.
- The "Date" will default to your System Date, change this if necessary.
- Enter the appropriate Customer Account or press <Ctrl+F1> to search for an account code.
 | The [Document to Credit Selection] box will pop up if there are outstanding invoices on the Customer's Account. To link this credit to a specific invoice, click on that invoice in the list and click [Choose]. Alternatively choose 'Unallocated' to post an unallocated credit. |
- The "Doc No." will be filled in for you with either the number of the invoice you have selected or a new Credit Note number.
- Enter the sales centre of the original posting on the "Def. Centre" field. To search for a centre press <C+F1>.
- Enter a relevant comment e.g. 'V.A.T. Reversal'
- Click [Next] to move onto the [Text] tab.
- In "Product Description:" enter a more detailed description that includes the original invoice number e.g. 'To reverse V.A.T. element of Invoice No. 12345.'
- Click [Next] to move onto the [Summary] tab.
- Click into the relevant V.A.T. Rate box e.g. into 'Std Rate' and enter the amount of V.A.T. you are crediting - this should be entered as a Positive amount.
- Click [Print] to print the credit.
- You will be warned the V.A.T. is outside the normal limits, click [Continue] to proceed.
- Click [Accept] to complete the posting.
See also
- How do I Do a V.A.T. only Invoice?
- How do I Find a Customer?
- How do I make a Customer Exempt of VAT?
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