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Post Info TOPIC: vat
SNAPPY


Newbie

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Posts: 1
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vat
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cryhi, I entered an invoice from a supplier but I change my mind and cancelled the order. im still in the same vat quarter how do I go about crediting the invoice and do I need to keep the invoice or can I bin it. no vat has been reclaimed for this invoice. many thanks for any help givensmile



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s tomlin
Stardoe


Guru

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Posts: 1470
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Hi there,

If you have cancelled the order that has already been invoiced, strictly speaking you should ask the supplier to send you a credit note for the invoice.  When this arrives you enter it on the supplier account and then you can cancel one off against the other and then keep both.  Are you on standard or cash accounting for VAT?  



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Pauline
Cheshire


Master Book-keeper

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Posts: 8646
Date:
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I agree with Pauline - get a credit note from the supplier.

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 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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