Is there a way of producing an invoice for VAT only.
This is for a repair that insurance paid for but we had to pay the VAT
Hi Gordon,
Let's say I want to create a 'VAT-only' invoice for £17.50. I would create an invoice with two lines:
1. On the first line I set the VAT rate to 17.5% and the amount (before VAT) to £100
2. On the second line I set the VAT rate to 0% and the amount to -£100
The invoice total would then be £17.50 - all of this is VAT.
Regards,
Thanks for speeedy response Mark
So, first line is something like 'service/repairs = £x.xx +vat
Am i right in thinking same acccount 'service/repairs' for the negative value??
Cheers
Andrew
Hi Andrew,
Yes - use the same account for both lines. (In this case it doesn't matter which account you use since the lines cancel each other out).
Regards,
Hi Mark
Top man with the spot on advice and speedy response.
Sorry for replying in wrong thread.
i too want a vat only invoice for 892.30 which is 20% vat on 4461.52 but don't understand what you are saying can you tell me how i do this please.
Hi Mark,
In your case the you will have:
Line 1: £4,461.50 @ 20%
Line 2: -£4,461.50 @ 0%
Regards,