How To: Create a VAT Only Entry
It is possible to enter VAT only entries using the SP Ledger so only a VAT amount shows in the Tax Register.
- Open the
[ Accounts | SP Ledger ]tab. - Press Alt+E or click
to enter edit mode. - Press F3 or click
to add a new item. - Use the Lookup dialog box to locate the customer/supplier that you wish to post the VAT only entry for.
Note: The supplier checkbox is used to toggle between customers and suppliers. - A new row is added to the grid for the selected customer/supplier.
- Enter the appropriate details paying particular attention to the following columns:
- Post: ticked.
- Pay: ticked.
- Crd: tick if the entry is a credit for example for creating a credit on the
[ Supplier | Statement ]screen. - S/P: enter S or P to indicate a Sales or Purchase transaction.
- N/C: nominal account to post entry against.
- Currency: the currency the values should be entered in, use the F4 button to select a different currency.
- Conversion Rate: change the conversion rate if required.
- Tax: the amount of Tax to be posted.
- TaxRt: the VAT rates as defined in System Data. Use the "Exempt" VAT Rate if you do not wish the system to attempt to reclaim VAT. When entering a VAT invoice issued in another EC state, you should be prompted to confirm that VAT can be reclaimed.
- Other columns are:
- InvDate: the date of the invoice.
- Note: if the invoice date is today's date then a warning message will appear.
- Description: can be used to describe what the invoice was for (Optional).
- Created: the date of the invoice that is being entered.
- Status Note: can be used to track invoices that require approval from various departments prior to posting (optional).
- Press Ctrl+S or click
to save the transaction.