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Post Info TOPIC: Entering an invoice on Sage via nominal ledger and VAT
newleaf


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Entering an invoice on Sage via nominal ledger and VAT
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Bit rusty with Sage still as its been a while since using it but when entering occasional invoices via nominal ledger rather than purchase ledger i'm not sure i'm entering the right tax code, for example:

                DR             CR       t/c

5000       £100.00                 1

2201       £20.00                   1   (not sure if this should be 1 or 9)

1200                       £120      9   (again not sure if this should be 1 or 9)

 

Cheers Richard

 



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VinceH


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You mean as a journal? Why would you be doing that?

Judging by those nominal codes, you're simply entering the transaction as a payment - so you should use the bank payments screen. Select your bank account, make the payment to nominal code 5000, and set the tax code as T1 - that'll deal with both sides of the transaction (it's actually stored internaly as a single transaction) and correctly handle the VAT.

If you do it as a journal, as you seem to be, you could run into problems with the VAT - especially if the company you're doing this for is on a cash basis.

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Vince M Hudd - Soft Rock Software

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VinceH


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(But to clarify, if you *really do* want to post it as a journal, then those tax codes should be correct; t1 for the debits, and t9 for the credit.)

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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)
Cheshire


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Agree with Vince - dont do journals, run it through the Bank module. Some older versions of sage will not allow a rec of the Bank with journals.

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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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