VAT accounting for EU suppliers of both GOODS and SERVICES

Support
1

We have both goods and services supplied from companies in other EU registered companies, our understanding is that the VAT return calculation is different for goods than for services.

We can see how the quickfile system works for services supplied but not for goods supplied. We have read the help file but still can’t understand how to account for goods supplied… can you help please.

2

Is system not picking up figures based on nominal codes of expenses i.e goods or services from EU based suppliers under this guide line http://www.faradaykeynes.co.uk/index.php/vat-treatment-on-goods-a-services ?

3

Thanks Faraday (FK)

We weren’t aware system differentiated by choice of nominal code and hadn’t put any EU based transactions through, preferring to wait until we knew how the system accounted for both goods and services bought from other EU countries.

So basically, if coded to “General purchases” Quickfile will account under Goods supplied rules and if coded to a service nominal code Quickfile will allocate under service supplied rules, is this your understanding?

I did read the Quickfile help pages on this subject but obviously found it inconclusive.

Thank you for your continuing help.

4

The system doesn’t look at nominal codes when differentiating EC acquisitions. Quick File automatically handles the reverse charge for goods although I believe you’d need to manually adjust for services.

There’s a similar discussion on our old forum here:

http://www.qfaccounting.co.uk/detail.aspx?id=4189056

5

@ Glenn

Thanks for the clarification Glenn, I fully understand the situation now.

Is there any chance that Quickfile will eventually be able to handle supply of goods from EU suppliers?

6

Unfortunately it’s not something we are looking to do in the near term. EC Reverse Charge for goods is complicated and difficult to automate due to the variable customs charge. There’s so many facets to VAT that regrettably we can’t automatically handle all scenarios.

7

Thanks for letting me know Glenn… much appreciated.

8

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