VAT and Nominal Codes

Support
1

Hi
How do I find out which Nominal codes are included in the VAT reports?
Cheers
Chris

2

Hi @ChrisatIIOnline

Which reports are you you referring to please?

3

Sorry poorly worded.
If I use a nominal code against an entry how do I now if it is included the VAT control accounts, 2200,2201

E.g. our Small Business Grant Fund Covid 19 - misc income, our accountant has said post as T9 (0%VAT), so we have posted to Miscellaneous Income (4900).
How do I know if this is going to be included on the VAT return or not at 0%?
The same for all other codes, which ones are included on the VAT return?

4

Are you on cash or acrual accounting for VAT?

If it’s cash, the only things included automatically, are:

  • Sales invoice payments
  • Prepayments made by clients
  • Purchase invoice payments
  • Prepayments made to a supplier

Anything tagged directly to a nominal (using “something else not on the list”), or from a journal, won’t be included.

Likewise, with acrual accounting, it’s the sales and purchase invoices that are included.

5

Your accountant said T9 because that’s the code used with other software like Sage. So long as you have picked no vat that will be fine.

6

This topic was automatically closed after 7 days. New replies are no longer allowed.