Accounting Ideas

I would like to set a VAT rate in my suppliers list

I am a contractor and have numerous subcontractors working for me. I have set up each subbie as a supplier and verified them for CIS, non are VAT registered so no number is entered. The problem i have every time i create a new purchase invoice for these subbies is the default VAT setting is 20%. Realising this today i noticed that 2 of the subbies had been paid last week with the addition of VAT. I know it's my fault for not picking this up but I am no accountant and just need a little help. the whole VAT situation is complicated enough with VAT reverse plus we have to deal with CIS deductions which makes it even more head-scratching. The software gives you a warning if there is no VAT but does not warn you that VAT has been added even if there is no VAT number in the supplier's details. It would be good to have default VAT setting for suppliers.

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  • Feb 21 2023
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