This is a very basic question, I know, but I'm struggling with it. Can anyone help? I've simplified the figures:
A customer owes me 100. A debt collection company has collected the 100 and has charged 25% plus VAT, and has transferred the remainder to my bank.
So in TAS I have produced a sales invoice for 100, and a purchase invoice for the 25%+VAT. Now I've received the balance in my account, what do I enter in TAS to show the customer has paid up and the debt collection invoice is also paid?
Secondly, if I want to reduce the customer's account by 75 (ie. make the customer cover the collection fee but not the VAT which I can reclaim) how do I enter it that way?
Hi ??
I would have a word with your Accountant about this one - am sure, even if they dont use the software, that they will be able to point you in the right direction. Or try the TAS helpfiles as these are pretty good.
__________________
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
What about vat on £100? Wasnt there already an invoice in the system for the debt? Are you double counting income?
The £100 is a repayment for a vehicle; VAT is accounted seperately on the margin of the vehicle. And yes, the invoice was already entered, I'm not suggesting I've entered it twice.
What about vat on £100? Wasnt there already an invoice in the system for the debt? Are you double counting income?
The £100 is a repayment for a vehicle; VAT is accounted seperately on the margin of the vehicle. And yes, the invoice was already entered, I'm not suggesting I've entered it twice.
Ah right - mightve just been the way I read the question, or it wasnt very clear as you didnt give us the full facts, about the margin scheme issue. I take it you have a purchase invoice showing the VAT. But you still need to go via your Accountant or check out the tas help files.
__________________
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
