Hi Everyone,
Apologies if this has been covered elsewhere. I have created some TAgs for purchase items. Some have VAT some do not have VAT. How do I set the VAT rate in the purchase type eg mobile phone costs so that it auto-calculates when I do my VAT return?
Thanks
Hello @Qualistic360
When you create a purchase invoice you specify the vat rate on the invoice.
The vat return looks at the invoices and assigns them to the return at the correct rates.
If you tag directly to a nominal code there is no invoice involved and the return will not pick it up.
Example
Hi Steve, Is there a way to do it with card purchase please. So for example the mobile phone contract billing comes out once a month. This is £20.00 how do log the VAT amount of this so that every time it comes in I tag it and Quickfile knows there is a VAT componant so when I submit my return this is picked up and added to the return. Thanks
Hello @Qualistic360
You can create a bank tagging rule to create the invoice each month from the payment.
https://support.quickfile.co.uk/t/automated-bank-tagging-rules/8840
The thing that matters with purchases is the VAT invoice that you receive from the supplier - the amount of VAT you can potentially reclaim on the purchase is by definition the amount of VAT specified by the supplier on their invoice. The supplier’s numbers must always take precedence over any gross-to-net calculation performed by QuickFile.
If the bill is the same each month then you could create a recurring purchase to automatically create a new purchase record each month, but you must still have a valid VAT invoice for each month that matches the purchase record. I’d create the recurring purchase but then also forward the supplier invoices to the receipt hub to attach them to the purchases, and double check at that point that the numbers all match.
The £20 payment you would then tag as payment to a supplier and it should offer the unpaid £20 purchase to link to.
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