How to enter contra payment from sales invoice on cash accounting
Just so I understand the situation, can you please provide an example of what you are trying to do?
Have set up cash accounting on Q F
Sales receipt for livestock sales include deduction for Vatable market expenses
I need to split bank receipt between sales and expenses
The easiest way is to use a merchant bank (dummy bank account).
- Set up a new Merchant account in the banking window (contra bank).
- Record the sales and purchase invoice as normal.
- Pay them using the contra bank (open the invoices and log payments).
- Tag your bank receipt as a transfer from the contra bank.
Once the above is processed the balance on the contra bank should be nil.
You would create a sales and purchase invoice for this (The Market would be both a client and a supplier).
The charges would be on the purchase invoice and the goods sold on the sales invoice then pay them as advised in my previous reply.
Will this pick the VAT up automatically
As you are on cash accounting, the vat return will pick up the payments of the sales invoice and the purchase invoice (based on the payment dates entered).
We are on cash accounting
I think we have above got there
Thanks for your help
We’ll come back if we get any more problems
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