Good afternoon,
I have a client who would like to be able to enter VAT inclusive line items on sales invoices, with the expectation that Quickfile would then calculate the VAT element and show the correct net/VAT/gross values on the invoice. I know there is the “Enter line totals inclusive of VAT” tickbox, however when this box is ticked, and a VAT inclusive value is entered in the unit cost column, Quickfile does not calculate the VAT element correctly. It adds VAT on top of the VAT inclusive value already entered, resulting in incorrect net/VAT/gross values. For example, if a VAT inclusive unit cost of £100 (Qty = 1) is entered, with the appropriate box ticked, then a gross total of £120, with VAT of £20, is created. But this clearly should be net of £83.33 + VAT of £16.67, as is the case with Quickbooks for instance with exactly the same values entered.
Is this a bug in the software, or faulty logic in the programming? Or am I missing something?
Thanks,
Alister