Calculating Partial Exemption VAT
For information about calculating a partial exemption adjustment, refer to
A VAT adjustment transfers the adjustment amount from the VAT control to the nominated cost centre account, as shown in the following graphic.
Before posting a VAT adjustment, you must ensure that a suitable cost centre to post the adjustment to exists within the system. If you need to create a new one, please see Creating Cost Centre Accounts.
- On the VAT Transfer document input form, double-select in Adjustment Account.
- The Select Account dialog is displayed. Double-select to select the applicable cost centre to post the adjustment to.
- Select Adjustment Value and enter the adjustment value (do not enter any currency symbols i.e. £, $, etc.) Press F5 to post the document. The VAT Transfer document is posted and the adjustment value is posted against the applicable cost centre account, as shown in the following graphic.
