Xero - VAT in stock at point of registration

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I have a bar that went VAT registered on 1st Jan, so I need to reclaim the VAT on the stock held at that date, the client has provided the value of this stock (incl VAT).  For the life of me I can't work out how to post it into Xero so that it hits the VAT return.  Any clues on the transaction I need to post? 

 

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By Duggimon
12th Mar 2019 16:55

A purchase invoice for negative [input VAT total] as the net and [input VAT total] as the VAT should give you what you need, if Xero lets you enter that.

I suppose the most correct way to do it is to amend all the individual purchases to include the VAT element but I wouldn't do that and nor should you, I would suggest just including a list of the stock with the VAT calculation on it as an attachment to the purchase invoice and calling it done.

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By Wanderer
12th Mar 2019 17:05

Duggimon wrote:

A purchase invoice for negative [input VAT total] as the net and [input VAT total] as the VAT should give you what you need, if Xero lets you enter that.

Wouldn't do it that way as the value of inputs would be wrong.
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By Matrix
12th Mar 2019 17:09

I just book a double entry for pre-registration VAT and keep a breakdown outside Xero.

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