so I have input all my purchases with correct VAT amounts. I buy a lot of zero rated products, i.e. farm feed so it is not a simple case of take off the VAT from the chart of accounts figure for each category. Is there any way I can get the chart of accounts figures in net rahte rthan gross
Hi @tracybro
The VAT values are assigned to a different nominal code, so the values in, 4000 General Sales for example, would only be equal to the net value of the invoice.
Likewise, your profit & loss, and other reports such as these, are all reported as net figures.
thankyou for getting back to me, was just about to add up manually!!. This is what I thought should happen but I had convinced myself they were gross figures!!
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On the balance sheet report, you should see two tax nominal codes (one for sales, one for purchases).
Likewise, if you view an invoice and go to More Options >> View Nominal Code Entries, you can see the exact records for that individual invoice too.