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Entering VAT Only Invoices
- Hilary Hawkins (Deactivated)
- Kai Andras
This is how to enter a VAT only invoice so the net amount displays correctly on your VAT reports.
Turn off the Auto Create and Balance all Tax Lines system default under Control Table → System Defaults → Tax Balance. This will allow you to enter in VAT Only Invoice.
Make sure to turn it back on once the VAT Only Invoice is posted.
1. Create a vat only deposit account (usually close to vat suspense in the TB).
2. Type the gross amount including net into the invoice amount field so it creates the correct vat line.
3. Then add 2 more lines to the invoice. A debit for the net flagged with a V to the vat only deposit account, and a credit for the same amount with no vat flag.
4. Then go back and amend the invoice amount to the vat only amount of the invoice.