how to enter single invoice with part vat rate and part zero rate

Question asked by koser shafiq 4 years ago

HI most retail convenience stores like mine have purchase invoices from cash and carry as one single invoice total including part zero rate items and part vat rate Items . when payments are paid out direct debit from my bank account single total is paid out iam having to split this in two invices one vat and one zero which results my bank statement not matching total figures

please help as this issue is problem again when till sale is made with part visa for pay point or lottery payments and part of it shop till sales again iam stuck

as i use to enter in my old accounts one total of invoice figure with option to include zero and vat separately including I hope you understand above as iam having to enter incorrectly to correct my vat return thank you shaff

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2 Replies

Shaff

Using the CB DEMO to illustrate your situation, you should enter your Purchases in CB like the example below

file

When the DD is paid all you have to do is allocate the total against the Purchase invoice - CB will allocate the income against both VAT rates

When entering Sales in CB make sure you do the same in splitting the total sales (in Summary I assume) between VATABLE and NO VAT

PS are any of your Purchases EXEMPT rather than 0%? It makes a difference.

Best answer
4 years ago

Thank you so much I will try this see if I could manage as iam using money and banking for my accounts

Thank you again

4 years ago

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