Difference between revisions of "How do I Post a Fuel Scale Charge?"
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* [[Posting cashbook entries]] | * [[Posting cashbook entries]] | ||
* [[Posting journals]] | * [[Posting journals]] | ||
+ | * [[How do I post a journal with VAT?]] | ||
+ | * [[How do I record VAT payments to HMRC?]] | ||
{{KB_Tags|fuel, scale, charge}} | {{KB_Tags|fuel, scale, charge}} |
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
- Posting cashbook entries
- Posting journals
- How do I post a journal with VAT?
- How do I record VAT payments to HMRC?
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