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The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> how to key customer invoice in euros with a tax deduction - in Sage??
Post Info TOPIC: how to key customer invoice in euros with a tax deduction - in Sage??
Cheshire


Master Book-keeper

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how to key customer invoice in euros with a tax deduction - in Sage??
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Hi 

I know Im being really thick today but hope someone can help

I have a customer invoice to key which is in euros - normally I just key once the amount in sterling once the payment has been received. (I have an old version of sage that does not allow for currencies!)

This time the Germans have taken some funds off before they paid the balance across  - for a withholding tax and solidarity surcharge.   I am hoping to be able to get this tax back soon.

I know I need to set up a nominal code for the tax withheld.  But how do I key the invoice and the amount of tax withheld and the matching payment - a complete idiots guide required today folks!

 

Invoice was for 1000 euros; we received £707.41, as 158.25 (ie £133) was held as tax!

Thanks in advance all



__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Bucks Bodger


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Cheshire

Enter the invoice in as sales of £840.41.
Enter the payment received of £707.41 in the normal way as a customer receipt.
Enter a credit note, coded to the "tax witheld" nominal account for £133.00

This will then leave a debtor on the Balance sheet, when you receive the £133.00 which has been witheld, enter it as a bank receipt
and code it to the Nominal Ledger code you used above......

Think that'll do it!

Eunice

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Eunice Cubbage
Cheshire


Master Book-keeper

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Posts: 8646
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What a star thank you Eunice (I did wonder about a Credit Note Aggggges after I posted my query.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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