Entering data for expenditure that is VAT inclusive already

Question asked by John Algar 6 years ago

Hi I'm entering my bank payments from paper statements rather than imports (i've done what I have of those and it was happily quite easy) When I read the amount on my paper statement of course it already include VAT My question is - how do I enter a VAT inclusive amount and have the VAT deducted on the input form? At present I am having to calculate manually the amount of expense prior to VAT being added and that seems rather ridiculous. I am guessing there's a way to do this but Icant find it on the community forum or the manual. Any help greatly appreciated John

2 Replies

Hi John,

The simplest way to do this would be for you to select 20% in the VAT rate and then only fill in the Gross field. This will then automatically generate all the individual amounts and will not add any extra VAT on top.

Many Thanks

Chris

Oh that is brilliant. I expect that's in the documentation somewhere, just didn't find it. It will save me lots of time. Many thanks indeed. John.

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