VAT and Nominal breakdown

Introduction

The Fees VAT and Nominal breakdown screen can be used for invoices and credit notes to split the VAT and nominal code to a single posting.

To access the Fees VAT and Nominal Breakdown screen:

  1. Enter the Fees Ledger.

  2. Click Posting.

  3. Click Ad hoc posting or Batches.

  4. Select the posting type (as Invoice or Credit Note).

  5. Enter the details of the posting as per usual. (For example, enter the client, the date, the posting value, reference).

  6. Leave the VAT rate or Nominal code empty. Complete the remaining details of the posting and deselect Detailed W/O.

The Fees VAT and Nominal Breakdown screen displays.

 

To include multiple VAT rates and Nominal codes on a single posting.

 

Individual VAT and Nominal Amounts

To enter multiple VAT rates and Nominal codes the Ex-VAT amount 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%

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.

Nominal Code

Type in the nominal code, or select using the magnifying glass. For example, 198 for Sales.

Total

The total value of the postings made within the Fees Posting VAT breakdown screen, including VAT and Nominal code. For example, a posting for £1000 at 20% and Nominal code 198 (for Sales) will show a total of £1200 within this field.

 

Totals

To complete the posting the total value must be accounted for VAT rates and Nominal code.

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

The posting field 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.