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.

  1. Open the [ Accounts | SP Ledger ] tab.
  2. Press Alt+E or click the green triangle icon is the buttonbar's EDIT button to enter edit mode.
  3. Press F3 or click the NEW ITEM button has an icon that shows two sheets of paper (identified by having the top right corner folded down), arranged diagonally on the icon from top left to bottom right to add a new item.
  4. 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.
  5. A new row is added to the grid for the selected customer/supplier.
  6. 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).
  7. Press Ctrl+S or click the disk icon is the button bar's SAVE button to save the transaction.

See Also

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