Does anybody have any idea what the vat button within Quickbooks (Car Leasing 10%) is for, when entering an expense invoice, the vat amount that the system calculates seems to be 10/110ths of the total vat inclusive figure rather than 10% of the vat exclusive figure .
We have an invoice for £506.46 with vat of £84.41 which we would restrict to £42.20, however using the Car Leasing 10% button within the vat rates in Quickbooks it shows the vat as £46.04.
Or am I being dumb (again) ! .
Replies (4)
Please login or register to join the discussion.
You're not actually posting 10% VAT, your posting half the invoice at net plus 20% VAT, and half the invoice at gross value with no VAT allowable. Post the whole invoice as a 20% item and then over-type the VAT amount to £42.20.