I would appreciate if anyone could explain to me how to process a purchase invoice with multi-product with standard and reduced -rate vat in VT Transaction. If possible please illustrate with an example as i don't have any invoice at the moment. I know that in sage we can choose the VAT rate when we are processing an invoice but I wonder whether there is such facility in VT.
1) Ensure that you have allowed multiple VAT rates via the SETUP => VAT => VAT Rates
2) When you set up a new product or service select the relevant VAT rate from the drop down of available rates.
3) When you add the products or services to the invoice the applicable VAT rate for the line item will be used and shown on the invoice
4) The total VAT shown is calculated correctly from the VAT per line item (I just tested a mix of zero, 20%, 17.5% and 5% on a single invoice and it worked perfectly).
HTH,
Shaun.
p.s. as with most VT things there is generally more than one way of achieving the same goal so you may also get alternate approaches posted. Best to wait for a min to see what others appear before adopting my approach
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thank you for your prompt reply. Do I need to set up a new product each time . I thought that I only need to do this when I'm raising an invoice . In this case I'm doing a batch processing. I'd be very obliged if you could enlighten me please.
Once set up you should be able to retrieve you products when building the invoice.
Each product or service will have it's VAT rate defined when you build it.
If you need the product or service to have a different VAT rate on the invoice you will need to create another product or service similar to the first with the different VAT rate and pull that one into the invoice.
I actually thought that Billl or Peasie might have posted an alternative to my approach but maybe for once I do things the same as others!
Thats the real issue with using a product that has more than one way of doing things and no real training materials.
When I learnt VT I knew what I wanted and found how to get the software to do that but I still sometimes think that I may not be using the software as VT intended it to be used.
Hope that the above helps,
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I thought he was talking about purchases and I didn't want to add to things in case I cause confusion.
I tend to use Sage when VAT is involved anyway - mainly because I didn't take the time to learn how to do one (probably) simple thing with VT when it involved VAT Cash Accounting. Maybe they should bring out some tutorials.
I thought (if it was purchases) I just put the total and the VAT amount and then put the net amount to the various expense accounts. I've never actually broken it down line by line on an invoice. None of my clients have needed it to such detail. Only the total for each expense.
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