When logging purchases at the moment the only fields i have are Category, Description and Total,
However i would like to add Sub Total, VAT and VAT Rate, i’ve seen that this can be done i just dont know how.
Are you VAT registered?
If you switch on the VAT accounting option in Account Settings >> Company Settings these columns will appear.
If you’re on Flat Rate VAT these columns are hidden by default but can be selectively revealed for qualifying purchases. Most purchases on FRV don’t qualify so it’s switched off by default.
Hi Thanks for this,
My next issue is if im trying to log a purchase how do i get it to automatically apply the 20% VAT
At the moment i cant seem to get it to do it so all purchases im trying to log on the system are all out by the 20%.
Are you VAT registered?
we arent
however surely i should still be able to record it because at the moment ive got a purchase total of £31.19 but if i add it to the system it works it out at £25.99.
This would mean we are down and books wouldn’t balance because the totally we actually paid was the £31.19
You wouldn’t record it separately. You would just add it to the total.
As you’re not VAT registered, it makes no difference what VAT was charged, hence it’s not recorded in it’s own column.
So in the row total, you would put £31.19 rather than £25.99.
Take a look at this older post here:
http://community.quickfile.co.uk/t/vat-columns-on-purchase/4363/4?u=parker1090
Hi
Sorry im still unsure, for example I want to log a purchase with multiple line items
Line 1 Total £29.99
Line 2 Total £-6.00
Line 3 Total £2.50
Line 4 Total £-0.50
Sub Total £25.99
VAT 20% Total £5.20
Total £31.19
How to get in on quickfile to show that we’ve made that £31.19 payment, no matter how i try and enter it i cant seem to get it to display
If VAT accounting is switched off it wouldn’t work it out as £25.99. See example below. Where are you seeing £25.99?
You definitely shouldn’t have VAT accounting switched on if you’re not VAT registered as VAT is an asset/liability and you will be recording this on your accounts and under reporting your sales/expenditure.
EDIT:
This link explains in a little more detail:
How do I record VAT on my purchases if I’m not VAT registered?
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