Using the VAT cash accounting scheme and entering mixed payments when amounts are paid into bank account.....say for instance on a certain date there were 5 payments by cheque being paid into the bank account. Three of these were from credit customers paying their invoice(s) and two were straightforward sales. How do I get VT to cope with this? (Maybe VT can cope with it but it is me that can't). VT needs the match the amount against an invoice (when it is cash accounting scheme) which is ok if it was 5 credit customers - but the problem occurs when there are also normal sales being paid in on the same slip.
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Never buy black socks from a normal shop. They shaft you every time.
If you enter the cash payments using the REC button select the bank account, fill in the basic details, and select Income in the ledger box and the appropriate sales in the analysis box it should post OK and treat the vat correctly, when you do a VAT return.
If you click on the transaction after you have posted it it should show defered output tax value
If a receipt is analysed between several customer accounts and also includes "cash sales" for example then you can use the P+R button (Payments and receipts).
List all the bankings, if it is a receipt for an invoice in a customer account then put the VAT as zero rated for that amount, analysis ledger should be changed to customers and then choose the relevant customer under analysis account.
Record the "cash sales", but choose the correct VAT code and choose Income for the analysis ledger and sales for analysis account.
Then, in order to allocate the VAT for the customer invoices, you need to select the CU button (customer accounts), choose the customer account, and then highlight each invoice and receipt then click the c button to match the receipts to the invoice.
When you check the VAT it should now show the correct Output VAT.
This will still show the banking over several receipt codes eg REC0001, REC0002 REC0003 (not one banking figure in the bank account), but the customer account will link the invoices that were paid together at the same time.
Otherwise carry on processing it individually by going into each customer account and use the REC button to allocate the receipt to an invoice and input the cash received as per Bill's recommendation.
I have been having a little play with this, and another way to possibly do it is to create a new account customer called Cash Sales.
Using the SIN (not the SIN button) post the cash sales to it.
When you are ready to bank the cash takings plus any account payments, select the account, select the invoice being paid, select the REC button, when the new receipts window opens, select the bank account and select the "Do not add to previous receipt" for the first receipt, then select "Add to previous receipt......." for the additional receipts.
Not only does this trigger the VAT allocation for each receipt but also makes it easier to find when reconcilling the bank, as it enters the same value on the bank account as shown on the bank statement from the paying in slip. Handy if you are banking a lot of individual payments.
