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Sales invoice payment out of quarter for VAT


#1

New QF user. We ran trial QF on last Oct to Dec VAT period, comparing VAT Report results against our ‘normal’ spreadsheets. With actual method set in QF, QF VAT Report does not include sales invoices from December which were not settled by end of Decmber. With our normal net 30 settlement terms, we are often not paid by normal end of January make-up period. How can we get QF to include these ‘unpaid’ invoices in VAT Report in ‘Sales’ up to end of Dec, or must we maybe raise a dummy payment record?


#2

Hi @richard3

Are you on cash or accrual accounting for VAT?


#3

Thanks. Accrual accounting


#4

Thanks for letting me know.

What you mentioned in the first post sounds like it’s using cash accounting:

Any invoices dated within your VAT period should be included on accrual. Do you notice it with any particular invoices? Is there anything different about these (e.g. the client’s country, are they reverse charged or exempt)?


#5

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