hi, ive only been using sage 50 for 8 weeks, and im not 100% sure how to key receipts that have some VAT but not on the whole amount. anyone able to help?
also some receipts give 1p difference in the tax amount, should I be going by what sage calculates is the VAT or the original receipt. ie; transaction is for £4.91, but sage calculates that the VAT should be 98p but the receipts says 97p?
On point two, put in what the invoice says and overwrite Sage.
I'm not sure I know what you mean on your first point but I had a late night last night so it is probably me!
thanks Rob, I have a receipts for Pret and Manger, 3 of the items have VAT and 4 have none....don't get me wrong, like your response says about overwriting, ive done the same with that, but its been picked up on a report as Sage knows its doesn't seem right.
I think Im doing it correct, just need a bit of reassurance :)
Tracey - I agree with Rob, its just a rounding issue, but if it gets to be more than the odd pence I would invesitage further (might be due to discounts, or someone who cant add up at the other end!)
Re keying
Do you mean small receipts for items that have been paid for? As opposed to receipts of funds from customers? I will assume you mean the former.......Key as Bank payments ( as opposed to Bank suppliers), to Bank or if paid in cash to the petty cash account. Allocate to the relevant nominal code. Tax code - eg T1 (calc net) for those with VAT AND where you ARE ABLE to claim your VAT back (***) or T0 (for those where no VAT or cant claim VAT back on or T9 for outside scope (eg Bank charges) - these are just a few of the T codes - you may need to explore if you need to use more for.
*** eg receipts for sandwich shops - you cannot claim the VAT, unless its subsistence (very strict rules on this)
HMRC do some good webinars on VAT.
__________________
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
Thanks peasie, I di wonder whether to put the receipt on more that one line....just thought it maybe a problem when doing my reconciling but if it has the reference (we use a unique code) then it would be ok to do so.
