Difference between revisions of "How do I Post a Fuel Scale Charge?"

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(New page: {{Review}} == Summary == The following article explains how to post any fuel scale charges you have incurred by having company vehicles. == More Information == Go to {{Menu|Systems\Accou...)
 
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{{Review}}
 
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== Summary ==
 
== Summary ==
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The following article explains how to post any fuel scale charges you have incurred by having company vehicles.
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The following article explains how to post the Vat fuel scale charges you may incur by claiming private fuel in company vehicles.
  
 
== More Information ==
 
== More Information ==
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Go to {{Menu|Systems\Accounts|Nominal Ledger|Journal Entries|Multiple Enteries}}.
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Go to {{Menu|{{NL}}|Journal Entries}}.
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*Enter the a relevant date for the journal.
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* Select {{Button|Multiple}} for the {{DataPrompt|Entry mode}}.
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*Enter the centre for Motor vehicle costs (Centre 19610 Motor Vehicle - Costs if running the Standard Platinum nominal centres) and press {{KeyPress|Enter}}.
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* Enter a date within the V.A.T. quarter for which you are making the entry.
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*Enter the Full amount (Including VAT) of the Fuel Scale Charge (e.g. £483) and press {{KeyPress|Enter}}.
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* Enter the overhead centre for Motor Expenses (Centre {{DataValue|15304}} - Motor Expenses if you are using the standard Platinum nominal centres) and press {{KeyPress|ENTER}}.
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*Enter the Comment as '''Fuel Scale Chg''' and press {{KeyPress|Enter}}.  
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* In the {{DataPrompt|Debit}} column enter the full amount (Including V.A.T.) of the Fuel Scale Charge (e.g. £483) and press {{KeyPress|ENTER}}.
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*Enter the same centre as above relating to Motor vehicle costs Centre 19610 Motor Vehicle - Costs if running the Standard Platinum nominal centres)and press {{KeyPress|Enter}}.
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* Enter the comment as {{DataValue|Fuel Scale Chg}} and press {{KeyPress|ENTER}}.
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*Enter the Full amount (Including VAT) as a Negative figure ('''-''') of the Fuel Scale Charge (e.g. -£483) and press {{KeyPress|Enter}}.
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* On the next line enter the same centre as above and press {{KeyPress|ENTER}} twice to move across to the {{DataPrompt|Credit}} column.
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*Press {{KeyPress|F7}} to being up the '''Vat Details''' box.
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* Enter the full amount (Including V.A.T.) of the Fuel Scale Charge (e.g. £483) and press {{KeyPress|ENTER}}.
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*Change the {{DataPrompt|V.A.T}} box to Say {{DataValue|Output}}.
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* Select {{Button|Output}} from the {{DataPrompt|V.A.T Indicator}} drop down.
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*Then change the {{DataPrompt|V.A.T. Rate}} box to Say {{DataValue|1 - Vat Rate 1}}.
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* Select {{Button|1 - Vat Rate 1}} from the {{DataPrompt|V.A.T. Rate}} drop down box.
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*Click {{Button|Ok}}
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* Move back to the {{DataPrompt|Amount}} field under the {{DataPrompt|Credit}} column and press {{KeyPress|F4}}. This will calculate and deduct the V.A.T. from the gross amount.
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*Move to the Amount Column  and press {{KeyPress|F4}}, This will reduce the amount down and and split out the correct V.A.T column to be the correct amount.
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* Enter the comment as {{DataValue|Fuel Scale Chg}} and press {{KeyPress|ENTER}}.
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* Click {{Button|Done}}and {{Button|Acccept}} the journal.
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This will show the cost of the scale charge in your Motor Expenses account on the Profit & Loss, increase your V.A.T. liability on the Balance Sheet, and make the correct entries on your VAT100 report for your V.A.T. return.
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== See also ==
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* [[Posting cashbook entries]]
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* [[Posting journals]]
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* [[How do I post a journal with VAT?]]
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* [[How do I record VAT payments to HMRC?]]
  
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The end result of this journal means only the desired V.A.T. amount is removed from Box 1 on the V.A.T. 100 report.
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{{KB_Tags|fuel, scale, charge}}
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{{How}}{{KB_NL}}{{ZN_Accounts}}
  
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{{KB_Tags|Fuel, scale, charge}} 
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{{KB_Ref|NL05}}
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{{KB_NL}} {{ZN_Accounts}}
 

Latest revision as of 07:46, 3 August 2022

Summary

The following article explains how to post the Vat fuel scale charges you may incur by claiming private fuel in company vehicles.

More Information

Go to " Nominal Ledger Journal Entries".

  • Select [Multiple] for the "Entry mode".
  • Enter a date within the V.A.T. quarter for which you are making the entry.
  • Enter the overhead centre for Motor Expenses (Centre '15304' - Motor Expenses if you are using the standard Platinum nominal centres) and press <Enter>.
  • In the "Debit" column enter the full amount (Including V.A.T.) of the Fuel Scale Charge (e.g. £483) and press <Enter>.
  • Enter the comment as 'Fuel Scale Chg' and press <Enter>.
  • On the next line enter the same centre as above and press <Enter> twice to move across to the "Credit" column.
  • Enter the full amount (Including V.A.T.) of the Fuel Scale Charge (e.g. £483) and press <Enter>.
  • Select [Output] from the "V.A.T Indicator" drop down.
  • Select [1 - Vat Rate 1] from the "V.A.T. Rate" drop down box.
  • Move back to the "Amount" field under the "Credit" column and press <F4>. This will calculate and deduct the V.A.T. from the gross amount.
  • Enter the comment as 'Fuel Scale Chg' and press <Enter>.
  • Click [Done]and [Acccept] the journal.

This will show the cost of the scale charge in your Motor Expenses account on the Profit & Loss, increase your V.A.T. liability on the Balance Sheet, and make the correct entries on your VAT100 report for your V.A.T. return.

See also


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Keywords AND Misspellings
fuel, scale, charge
Tags

NL05

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