We are in the process of transferring outstanding customer balances to Solar. We are using the technique of dating crating an invoice in the last financial year to generate the opening balance so that VAT is correctly accounted for etc.
However some of the invoices, originally created within Microsoft Office Accountancy, have had a ‘Late Payment Charge’ added at some stage. These have been recorded with a different VAT Code and go into a different income account called ’Late Payment Fees’
Is there anyway to input this information in Solar?
Hi Phillip,
I assume the 'different VAT code' you mention represents 'Exempt from VAT'. In that case just add an extra line to the invoice with a VAT rate of 0% and Account set to 'Late Payment Fees'.
Regards,
