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Maya


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Invoices and credit notes
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Hello My name is May. I'm new to the Forum. Please could someone help? Im posting invoices and credit notes to the purchase ledger. What I dont undertand is that that these invoices and credit notes have an "Amount Gross" on them (rather than the normal Price (inc VAT). Does this mean "Amount Gross " I have to add VAT (T1) when entering them to the purchase ledger? I really appreciate any help. Thank you, May

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Figurate


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Gross usually means the total including VAT.
Net means the price before vat is added.
(Assuming that the supplier is vat registered, of course)


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kjmcculloch83


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If you think that gross means big, or fat, then gross total is big total or total plus VAT. In the same way gross profit is big profit, or the profit before you take off the expenses.

Thats how I remember it anyway.

Kris

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Maya


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Thank you very much Louise. I really appreciate your help. May

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Maya


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Hello Kris, Thank you very much I really appreciate your help. May

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