quick question on accountsportal.com

[FASTdan]

Hi,

I have recently signed up to accountsportal.com for their 30 day free trial (after seeing many recommendations on here in other posts).

I am a sole trader, non VAT registered. I have set up a couple of suppliers in the system and logged their VAT Reg numbers. However when I come to input an invoice for a purchase made from these suppliers, in the 'VAT code' column the only option available is 'no VAT'. Yet I have paid VAT on these items.

How do I get the invoice to include VAT? I presumed that by setting the account code (to cost of sales 5000) and the company having a VAT number it would automatically assign VAT as per the chart of accounts (5000 has 17.5 set against it).

Any help gratefully received.

 

[adamsgi]

I seem to remember that you need to put the whole cost to the 5000 sales code. If you are VAT registered, you need to split the invoice value as you have to account for VAT. Therefore for an invoice of £117.50, you would put £100.00 to sales, and £17.50 to VAT. As you don't have to account for it, you would put the full £117.50 to sales.

 

[Williams lester]

Hi,

I have recently signed up to accountsportal.com for their 30 day free trial (after seeing many recommendations on here in other posts).

I am a sole trader, non VAT registered. I have set up a couple of suppliers in the system and logged their VAT Reg numbers. However when I come to input an invoice for a purchase made from these suppliers, in the 'VAT code' column the only option available is 'no VAT'. Yet I have paid VAT on these items.

How do I get the invoice to include VAT? I presumed that by setting the account code (to cost of sales 5000) and the company having a VAT number it would automatically assign VAT as per the chart of accounts (5000 has 17.5 set against it).

Any help gratefully received.

The VAT code column shows only 'no VAT' as you have not (quite rightly) set up a VAT scheme, as you are not registered. As previous reply states, you need to input the gross value of the invoice as an expense, there is no need to split it out separately as you will not be claiming it back!

 

[FASTdan]

thanks guys

 

[Accountsportal]

Hi FASTdan,

Just to confirm that Adam and David are both spot on (as usual). Thank you to both of you.

Kind regards,
Jon