VTT+ - VAT only credit note

Hello

This is my first post on Accountingweb but I have found reading the posts interesting, helpful and at times most amusing. 

 

Does anyone know how to create a VAT only credit note in VTT+?  This would be to correct a previous invoice which has been raised (and payment received) but the VAT was incorrectly applied at 20% for a supply of service during 2010 not invoiced until 2011.  Or would it be better to credit the whole invoice and re-invoice at the correct VAT rate?

 

Many thanks

Comments
mr. mischief's picture

credit and re-invoice

mr. mischief | | Permalink

Better to credit the whole thing and re-invoice.  For one thing if you were to get inspected in x years time, it would be clear to all exactly what had happened.

Credit and reinvoice

alicet | | Permalink

Yes, I thought that would be the better approach, but still curious if a VAT only Credit note is possible.  Probably not if it is not really the best way of doing things.

 

Many thanks for your response.

miketombs's picture

Just noticed this

miketombs | | Permalink

Create the credit note using the SCR that isn't underlined. Put the full value in both the total and VAT blocks. The balance of £0 is then allocated to (eg) Income|Fees. You now have a VAT-only credit note, but the box 6 value on the VAT return (total value of goods sold) will be wrong.

To fix that, edit the transaction. Add an additional line for Income|Fees but uncheck the 'subject to VAT' box. If the goods value should be (say) £1,000, enter that value in the normal (subject to VAT) line for Income|Fees, with an offset against the new line for Income|Fees not subject to VAT.

Job done.

Where this kind of messing around does get used more is when you get VAT-only invoices when importing goods. The solution is similar to the above, but obviously applied to purchase invoices.

 

 

 

 

abelljms's picture

problem? no

abelljms | | Permalink

 

 

 

 

luckily vt is the world's greatest accounts package.

 

just go into scr routine, and type amount of vat credit in total box and vat box, and then u have £0 in goods bit, and post it,

 

 

although I think u need some accountancy help but that's another story

 

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