Vat direct purchases

[vinod]

Hi,

I am new to quick file,I am in process of tagging payments made from the bank,which has vat content,unfortunately i couldn’t find an option which will enable me to claim this input vat,only the nominal code is present

Please help as this operation should be pretty starightforward

[QFBeth]

Hi @vinod

You will need to tag the payments to invoices - those invoices would then determine the VAT - tagging the payments straight to a nominal won’t include them on the VAT return

[vinod]

Ok Beth,are you saying that we create a supplier and then allocate the bank payment to claim vat?

Regards
Vinod

[QFMathew]

Hi @vinod

You would create a supplier and purchase invoice. The purchase invoice would break down the VAT amounts which are later used in VAT returns.

You can then tag your bank transactions to the purchase invoices.

[vinod]

Thank you Mathew.

Regards
Vinod