We need to account for the VAT on any call credit we buy from from our telecom’s provider using domestic reverse VAT. We’ve just received an invoice from our supplier and the funds have left our account. I’m not sure how I tie this up in quickfile, can anyone please advise?
I’m not sure QuickFile supports domestic reverse vat directly but you could configure the supplier as “vat registered in another ec member state”. This would allow you to apply the reverse charge to the purchase invoice but the resulting amounts would appear in box 2 rather than 1 on the vat return and you would need to adjust the return manually (subtract this vat from box 2, add it to box 1, and also deduct the value of the purchase from box 9).
Thanks Ian, I’ve tried what you suggested and it does appear to allow me to balance with the bank now, I’ll manually adjust when I do the VAT return. It’s not ideal but it should work for now. Hopefully Quickfile will develop something to make this process a bit easier for people like me who don’t know much about accounts!
Thanks for your help, much appreciated!