Hi I use the bank tagging in QF and import payments from customers (as sales invoices) which to date has worked well. I am now taking some deposits and this is beginning to cause issues especially with VAT. I don’t really want to have to start creating 2 invoices for customers in QF as I invoice from my booking system already and won’t be changing this. I read somewhere about logging it as a prepayment but then how does this work when my accountant does my VAT return - how do I ensure it doesn’t get counted until the ‘credit’ is allocated. Or is there another way around this? Thank you.
Hello @kirsty2
I am now taking some deposits and this is beginning to cause issues especially with VAT.
You can tag the deposits as payment on account without creating an invoice.
- Payment from a customer
- Pay down Multiple invoices or assign to a client account
- Create/select the client
- Save
If you are on cash accounting the payment would be picked up on the return as the payment date is the tax point
If you are on standard the invoice date is used and would not be picked up until it is assigned to an invoice
Alternatively you can create the invoice manually (Sales > Create new invoice ) then tag the deposit to it leaving the remaining amount outstanding.
- Payment from a customer
- Pay down Multiple invoices or assign to a client account
- Select the client
- Select the invoice
- Save
The amount paid is then picked up on the return (invoice date/amount - standard and payment date/amount cash accounting)
This topic was automatically closed 14 days after the last reply. New replies are no longer allowed.