SALES ACCOUNTS REPRESENT TURNOVER ACCOUNTS AND SHOULD BE USED TO RECORD THE ACTUAL SALES MADE BY THE BUSINESS TO IT'S CUSTOMERS ONLY.
For any "Other Income" items which are not sales-related, the user has an option to customise income accounts - see "Income Accounts" within the Topic list.
There are a number of sales accounts already set up which cannot be added to or taken away from, however you may show or hide any of the accounts from view to prevent use (see 'Adding Nominal Accounts').
To facilitate customisation, these pre-set sales accounts are available to rename in order to specify the businesses sales activities or to group specific sales areas together.
Click on the Fixed Name of the sales account which you wish to rename e.g. Sales at Standard Rate. The fixed sales accounts available to rename split into VAT rate accounts:
ONCE RENAMED, THE VAT RATE THAT IS LINKED TO THE ORIGINAL ACCOUNT WILL AUTOMATICALLY REMAIN LINKED TO THAT ACCOUNT.
Enter Preferred Name here
Within this box type the preferred name of the sales account that will suit your particular trading activities e.g. Choose the "Sales at Standard Rate" account and rename to "Sale of Accounts Software". Each time a sale invoice / transaction is entered for a Customer against this sales account, a VAT rate of 23% will attach (or 21% between 1st Sept 2020 and 1st March 2021))
The account will now show under the user determined preferred name on the accounts and all reports.
Once a sales account has been renamed it will automatically appear within the nominal accounts available for selection within the sales and receipts transaction screens.
When using these accounts within the transaction screens, the VAT is automatically processed at the corresponding VAT rate attached to the account i.e 'Sales at low rate' will automatically attach a VAT rate of 13.5% to the transaction. The VAT rate attached cannot be amended.
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