Hi,
Just needing a sanity check on how to post a journal for vat fuel scale charges. Would appreciate the help if someone can post a reply to a Forum newbie.
Thx Angie
Fuel scale charges should be posted as a journal as follows:-
DR Fuel scale charge nominal with the gross amount - non vatable tax code CR Sales tax control account with the VAT amount - with standard rate tax code CR Fuel scale charge nominal with net amount - non vatable tax code
This leaves the fule scale charge nominal showing just the amount of VAT paid and the correct amount of VAT on the VAT return.
Just a quick note to say huge thank you for the journal. Once I understood how it should be posted I managed to correct where I'd gone wrong so the end of year vat liaiblity balanced but was also then able to tell the software people that what they'd suggested was incorrect.
If we are implementing the fuel scale cost to restore Vat and wish to modify, i comprehend you have to inform the vat workplace that you are doing so..Does this implement even if one automobile is private and the other (van) possessed by the company?
