How do I Post a Fuel Scale Charge?

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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
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