Logging import duty on stock

Accounting
1

We regularly import from US (a non VAT country) so none of our US supplier invoices include VAT. When our shipments reach UK, our freight agent pays VAT on this imported stock on our behalf and then issues us an invoice. Can anyone advise how we should input this in Quickfile? So for example, we have a debit transaction of £3000 in our bank statement to our freight agent. £2000 of this is our VAT payment on imported stock and £1000 is freight cost and agent fee. How should we tag this on our statement? How do we handle the split? And how do we input the 2K vat payment?

2

You can split the invoice as follows:

785×302 17.8 KB

This invoice is assuming the agent fees are non vatable but you can change the last line accordingly if this is not the case.

3

Thanks Glenn! Good solution.