Purchases - Multi VAT Batch Entry

PURCHASE INVOICES RECEIVED WITH MULTIPLE VAT RATES CAN BE POSTED IN EITHER THE PURCHASE BATCH ENTRY SCREEN OR THE SPECIFIC PURCHASES MULTI -VAT ENTRY SCREEN AT THE DISCRETION OF THE USER.

 
WHICHEVER OPTION IS SELECTED WILL STILL RESULT IN THE TRANSACTION ENTRIES BEING RECORDED IN AN IDENTICAL MANNER.
 
 
 

RECORDING MULTI VAT PURCHASE INVOICES THROUGH THE BATCH ENTRY SCREEN:

 
 
PURCHASES > BATCH ENTRY
 

If there are two VAT rates attached to the purchases made on the purchase invoice then two entries are required.  Initially record the first element of the purchase invoice at the initial VAT rate and then the subsequent parts.          

 
 
PART 1
          
                                    
Reference                                      
 
This is the internal reference that will cross reference the physical invoice to the transaction entered on screen.
 
 
Date                                                            
 
Date of issue of the invoice as displayed on the invoice, this should not be doctored.
 
 
Supplier                                        
 
Select a Supplier name from the list of Suppliers (F2) who issued the invoice to you.
 
 

Set up New Supplier during transaction entry

 
If the purchase invoice is from a new Supplier who does not already exist within the Supplier listing then simply type the Supplier name into the "Supplier" field.
The program will recognise that the Supplier does not already exist within the Supplier listing and give you the option to set up the Supplier.
 
 
Invoice Ref                                    
 
This is the suppliers invoice number as displayed on the invoice to facilitate future cross reference for any queries on the account and to reconcile the closing period balance to the statement.
 
 
Narrative
 
The narrative is an optional field and can be completed if required. The narrative will give further information in relation to the invoice / goods purchased. With Multi VAT entries it is advisable to give detail to this part of the transaction being entered at the initial VAT rate.
 
 
Nominal Account              
 
Select the appropriate Purchase / Expense nominal account to which the purchase invoice relates, e.g. the Telephone Bill will be posted to the "Telephone and Fax" expense account.
 
If the Purchases are direct cost of sales / Purchases for Resale then choose the appropriate Purchases account as customised for the purpose of the business.
 
Purchases account at relevant VAT rate should be selected, these accounts should only be used to record Purchase for Resale, e.g. Purchases at Standard Rate.
 
 
Amount                                          
 
Enter the GROSS amount for this part of the transaction (bottom line figure inclusive of VAT).
 
 
VAT Rate
 
Attach the appropriate VAT rate as indicated on the purchase invoice.  Use the arrow up and down keys on the keyboard to adjust the VAT rate as appropriate.
 
 
 
PART 2
            
Repeat all of the above steps, entering the same information relating to
            
  • Reference  
  • Date
  • Supplier     
  • Invoice Reference  (as the transactions are all part of the same original purchase invoice docket this will easily be identified by using the exact same purchase invoice number)
 
 
Narrative
 
Enter the appropriate narrative linked to the secondary part of the invoice
 
 
Nominal Account  
 
Choose the same nominal account again or choose a different nominal account as appropriate.
 
 
Amount
 
Enter the GROSS amount for this part of the transaction (bottom line figure inclusive of VAT).
 
 
VAT Rate
 
Attach the appropriate VAT rate as indicated on the purchase invoice.  Use the arrow up and down keys on the keyboard to adjust the VAT rate as appropriate.

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