I lease a vehicle and as it’s available for private use the VAT on the monthly rental (finance charges) is subject to 50% input tax restriction. How should I enter this on Quickfile so my quarterly VAT return is correct?
It is possible to simply override the VAT on your purchase invoices, not sure if that helps?
Another way is to create a 2 line recurring purchase invoice dated one day before the payment is due. Half the rental amount goes on one line at 20%vat, and the other half on the second line at 0% vat.
When the payment is made from the bank, its tagged to the recurring invoice.