Do I need to create a new invoice for every bank transaction?

[MartyP]

Using QF for first time. Have managed to import from bank feed and begun to tag the items. Main reason for using QF is VAT return. Based on what I have read so far - do I have to create an invoice for every item I wish to claim VAT back on??? Is there a tutorial section I haven’t found yet someone can point me to?

Any advice would be appreciated.

[QFSteve]

Hello @MartyP

Based on what I have read so far - do I have to create an invoice for every item I wish to claim VAT back on???

All your vat invoices should be recorded.

This can be don from tagging bank transactions as you mention or you can create the invoices in the Sales and Purchase ledgers and tag them to the bank transactions.

The Invoices are then automatically picked up when the vat return is run and the figures in the boxes are calculated for you.

All our knowledgebase articles can be found at the link below

https://support.quickfile.co.uk/

You can also search for a specific topic in the forum where the support team or other members have already answered.

[MartyP]

Thanks. In order for the item to be included in the VAT return I have seen that there is a box to tick to create VAT on the invoice. Is that correct?

[QFSteve]

Hello @MartyP

If you are creating invoices from tagging a bank transaction then the default 20% will be selected.

[MartyP]

Many thanks. Accounts now fully up to date using bank feed and VAT returns submitted. Thanks for your help.