Sales estimates/invoices - VAT summary on sales documents are not reporting 0% VAT transactions within the “estimate/invoice footer”, but also there is not the option to set the sale as VAT EXEMPT.
This makes any estimate or invoice look incorrect or at least lacking in sufficient detail for the recipient to understand how the tax was calculated!
There is an option within “Invoice customisation” > ITEMISED AREA > Show itemised VAT
But by including VAT for each itemised line makes sales documents have too many figures, there are just too many numbers.
What I would like is a fuller description within the “invoice footer” showing the net sales figure with the VAT calculation.
As an example of a quotation (that’s an estimate within QF but renamed to a quotation as that’s what we have historically sent customers).
Net sales (VAT 20%) = £3.00
Net sales (VAT Exempt) = £12.00
Sub Total = £15.00
VAT (20%) on £3.00 = £0.60
VAT (Exempt) on £12.00 = £0.00
Quotation total £15.60
I am unable to send the client an estimate as the £12.00 VAT exempted sales is not an option.
Presently QF works fine for when the sales are all calculated at the standard rate of 20%
That’s all OK 20% of £15.00 is £3.00 and so the total would be £18.00
I looked at how QF works when there is split of 20% and 5%, which does show the VAT breakdown but does not include the net sales figure that the calculations are based;
But when I do a quotation with a split of 20% and 0% VAT (still looking for an EXEMPT option) the 0% VAT is not reported in estimate/invoice footer…
Quotation total showing correctly but as there is no reference to the 0% VAT with the net sales breakdown then the calculation looks incorrect.
Adding the “Net Sales” figure within each VAT calculation would assist in presenting clients with an understandable document, but really quite important that at least when there is VAT charged at 0% that is shown within the “footer”.
this topic was raised from attempting to include HM Land Registry fees that are exempt from VAT on a client’s estimate