How do I Post a Fuel Scale Charge?
From Catalyst
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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