Fees VAT breakdown

The Fees VAT breakdown screen can be used for invoices, credit note and write offs to have multiple VAT rates on one posting. For example, if an invoice was posted for £1200 ex VAT of which £200 is expenses. The £1000 could be made at a rate of 17.5% and the value of expenses could be posted VAT exclusive.

 

To access the Fees Posting VAT breakdown screen:

  1. Enter the Fees Ledger.

  2. Click Posting.

  3. Click on either Adhoc or Batches.

  4. Select the posting type (either invoices, credit notes or write offs).

  5. Enter the details of the posting (for example client, amount, date).

  6. Ensure that the VAT rate field is empty.

  7. Enter the remaining details of the posting.

  8. Click Post.

The Fees Posting VAT Breakdown screen displays.


To post to multiple VAT rates:

Individual VAT elements

To enter multiple VAT rates the VAT rate and the Ex- VAT must be entered;

 

VAT rate - type in the VAT rate, or select using the magnifying glass. For example, enter 1 for VAT rate 17.5%

Amount - enter the value of the posting that is going to be entered against the VAT rate. For example, £800

Repeat the process for the remaining VAT rates.

 

Totals

To complete the posting the total value must be accounted for by the VAT rates. Displayed is the Ex-VAT, VAT, Total, Posting and To go.

 

Ex- VAT - displayed is the total of all values entered within the Fees Posting VAT breakdown screen, excluding VAT. For example, £1000 excluding VAT.

VAT - displayed is the total of VAT values entered from within the Fees Posting VAT breakdown screen. For example, £200 VAT.

Total - the total value of the postings made within the Fees Posting VAT breakdown screen, including VAT. For example, a posting for £1000 at 20% will show a total of £1200 within this field.

Posting - displays the value entered on the posting screen, excluding VAT. For example, this is that number that the user has entered on the invoice before reaching the Fees Posting Breakdown screen.

To go - displayed is the value of the posting that has not yet been allocated to a VAT amount. To complete the posting this value must be reduced to zero.

 

Click OK to complete the posting, or Cancel to close.