How do I Create a V.A.T. Only Transaction?
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Summary
The following article outlines how to reverse the V.A.T. portion of an invoice. This is useful in cases where a customer has been invoiced with V.A.T. and should not have been (e.g. if the item was exported but charged inclusive of V.A.T.)
More Information
This reversal is done through the Sales Ledger part of Platinum and is done as follows:
Go to "Sales Ledger" -> "Invoice/Credit Notes".
- Set "Invoice/Credit:" to 'C'.
- Enter the appropriate account.
- Enter the sales centre of the original posting.
- Press <Enter> to get the next credit note number.
- Enter a relevant comment e.g. 'V.A.T. reversal'.
- Press <F5>.
- In "Product Description:" enter a more detailed description that includes the original invoice no (e.g. 'To reverse V.A.T. element of Invoice No. 12345').
- Press <F5>.
- Press <F7> to Edit Totals.
- Press <Down Arrow> andenter the V.A.T. amount of the original invoice.
- Press <F5> to print the credit.
- Click [Accept] to complete the posting.
