Hello, I’d be grateful for some advice on setting up my accounts in Quickfile.
I run a home based business and am not VAT registered. However, most items that I sell come from supplies who are VAT registered and their invoices have a seperate field for VAT. When I try to enter the items that have been purchased into Quickfile the VAT comes up as zero and I cannot edit it. This leads to the figures in quickfile not being the same as the values in the bank account. Is there a setting that I have missed somewhere in the back-end of the system that will allow this to be added (preferably automatically, but even a manual entry would suffice)?
You only need to enter the gross amount from the receipt, which should be the total amount you are going to pay or paid i.e. if the total purchase is for:
Net = £100.00
VAT = £20.00
Gross = £120.00
You only need to enter the gross amount i.e. £120.00.
There’s no point recording VAT on purchases if you are not VAT registered, as this will accrue a balance under the Purchase VAT account.
I under stand that, but when suppliers send you multiple items on an invoive in with net prices you then have to go and work out every value indepenantly. It would be nice if there was a way to do this automically.
If the items are of the same category then it’s a waste of time entering them all individually on your purchase invoice. Just enter the headline figures and if you want to retain a reference to the individual items purchased just attach a scan of the receipt.