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Post Info TOPIC: Reclaiming vat on an asset
elizabeth


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Reclaiming vat on an asset
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Was wanting some advice.  I use Sage 50 and claim vat on Cash Accounting Basis.

Just purchased a new van on finance and had to pay the vat up front.  I post the total invoice to Motor account.  ~However when I post payment from our bank for the VAT it breaks it down to reduce the asset balance eg:  £3000 paid for vat posts as £2500 off financed figure and £500 off the vat!!  As I wish to reclaim the vat on Cash Accounting, I am at a loss as to how to enter it.  Hope someone can help.  Thanks



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Casu


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Posts: 359
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You need to speak to your Accountant

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Caron
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