How do I account for retained deposits?

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Summary

The following article explains how to deal with any retained deposits for unit sales orders that have fallen through and for which you are keeping the deposit.

More Information

As of April 2019 the law has now changed and you must account for V.A.T. on retained deposits.

To do this please raise a manual invoice for the full deposit amount including VAT.

  • You may need to create a Sales centre and link it to a Nominal centre to account for the nett amount. Or you may wish to use an existing centre such as New or Used Unit Sales.
  • Seek advice from your accountant if you are unsure how to proceed.

See also


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Keywords AND Misspellings
deposit, kept, retained, keep deposit, cancel order