Accounting Ideas

Create another VAT rate for reverse VAT charge.

The blanket tick box for reverse VAT charge is causing an issue when there are other items on a customers sales invoice for deductions that are standard rated vat. The invoice calculates everything as reverse VAT charge which is incorrect. A credit not can't be done either as when you go to account allocation it comes up with can't match as customer is reverse VAT charge. There is a very long winded work around which is not time saving.

2 separate VAT rates for standard VAT and reverse VAT charge in the drop down box would be so much quicker, simpler than having to do the work around. It would also enable the bank feed match the sales invoice, which at the moment it is not doing. So doing a bank reconciliation is now going to take longer as checks are going to be needed to be done.

  • Guest
  • Nov 11 2022
  • One For The Future