The Narrative field is an optional entry which may be used to give extra explanation or identify further the purpose of the reverse entry.
It would be advisable to use this field to reference the original batch entry purchase transaction that you are reversing.
The F5 function key will display a historical breakdown of the transactions on the Supplier account (N.B. excluding any transactions within the current live batch as such entries have not been posted). This will help identify the original purchases / expense account to which the original purchase was posted which should be selected for this transaction entry.
The VAT rate is automatically linked to the appropriate purchase account used, e.g. is you choose "purchases at standard rate" then a VAT rate of 23% will automatically be linked to the purchase. If you require a different VAT rate to be applied to the transaction entry then simply arrow through the VAT rates shown.
Simply stop on the appropriate VAT rate and this will apply to the transaction.
IN THE SUBSEQUENT VAT RETURN THE VAT ELEMENT WILL BE INCLUDED FOR RETURN TO REVENUE TO CANCEL THE PREVIOUS DOUBLE COUNTING AND OVERCLAIM.
THE SAME PRINCIPLES APPLY TO ALL REVERSE ENTRY, SIMPLY RETURN TO THE ORIGINAL TRANSACTION ENTRY SCREEN AND ENTER A CREDIT NOTE OR MINUS ENTRY.
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