How do I Post a Fuel Scale Charge?
From Catalyst
Summary
The following article explains how to post the Vat fuel scale charges you may incur by claiming private fuel in company vehicles.
More Information
Go to " Nominal Ledger Journal Entries".
- Select [Multiple] for the "Entry mode".
- Enter a date within the V.A.T. quarter for which you are making the entry.
- Enter the overhead centre for Motor Expenses (Centre '15304' - Motor Expenses if you are using the standard Platinum nominal centres) and press <Enter>.
- Enter the full amount (Including V.A.T.) of the Fuel Scale Charge (e.g. £483) and press <Enter>.
- Enter the comment as 'Fuel Scale Chg' and press <Enter>.
- Enter the same centre as above and press <Enter>.
- Enter the full amount (Including V.A.T.) as a negative figure ('-') of the Fuel Scale Charge (e.g. -£483) and press <Enter>.
- Change the "V.A.T Indicator" drop down box to [Output].
- Change the "V.A.T. Rate" drop down box to [1 - Vat Rate 1].
- Move to the "Amount" of the second line and press <F4>. This will calculate and deduct the V.A.T. from the amount.
- Press <Esc> and accept the posting.
This will show the cost of the scale charge in your Motor Expenses account on the Profit & Loss, increase your V.A.T. liability on the Balance Sheet, and make the correct entries on your VAT100 report for your V.A.T. return.
See also
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