How do I Create a V.A.T. Only Transaction?
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Revision as of 15:24, 5 September 2008 by Richard Green (talk | contribs) (New page: {{Review}} == Summary == The following article outlines How to reverse the vat portion of an invoice. This is useful in cases where a customer has been invoiced with VAT and should not h...)
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Summary
The following article outlines How to reverse the vat portion of an invoice. This is useful in cases where a customer has been invoiced with VAT and should not have been (e.g. if the item was exported but charged inclusive of VAT)
This reversal is done through the Sales ledger part of Platinum and is done as follows:
- Go to "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. VAT reversal
- Press <F5>
- In the "Product Description" Fields enter a more detailed description that includes the original invoice no (e.g. To reverse VAT element of Invoice No 12345)
- Press <F5>
- Press <F7> to Edit Totals
- Arrow key down to the vat amount on the invoice and enter the VAT amount of the original invoice.
- Press <F5> to print the credit
- Click [Accept] to complete the posting
