I purchased an item from a company in Slovakia. The shippers (FedEx) invoiced me for the VAT amount due on the purchase plus a ‘Direct Payment Processing fee’. I recorded the invoice from the suppliers as a 0% VAT item. How do I now account for the VAT amount and the processing fee?
QuickFile doesn’t let you enter a VAT amount significantly above the calculated 20% so you need to use a bit of a trick - work out what net this vat would be 20% of (i.e. multiply the VAT by 5), then create a two line purchase, one line is this net at 20% vat, the second line is minus the same net but 0% VAT. This should leave the invoice showing the VAT only.
To handle the processing fee you’d either add that as a separate third line (clearer, in my view), or reduce the negative line value to give the right overall total.
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