If I have a supplier invoice for £1200 (£1000 plus 200 vat) & I part pay lets say £600, how does QF process the vat, does it allocate £100 or £200 to the purchase vat?
Thanks
Dave
If I have a supplier invoice for £1200 (£1000 plus 200 vat) & I part pay lets say £600, how does QF process the vat, does it allocate £100 or £200 to the purchase vat?
Thanks
Dave
Are you on cash or accrual accounting for VAT?
I’m assuming cash, in which case, it will typically be a proportionate basis.
In this case, I believe it would be £100 VAT and £500 sales. However, you can check this in your VAT return export.
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