Hi
We receive money from advertisers that we didn't issue invoices for...
How could I / should I enter these into my Solar Accounts?
These amount are often as US Dollars. Would I have to convert them to UK Pounds before entering?
Thanks
Hi Sue,
Yes you will need to enter the money received as UK pounds using an appropriate exchange rate.
You don't need to create an invoice to record the income - instead, create a new Money Received transaction with the Type field set to 'General Payment' and the From Account set to 'Sales Income'. See this page for details:
http://www.solaraccounts.co.uk/help/how-to-record-a-cash-sale.php
Regards,
Thanks
As this money does not include VAT. I would set it to VAT Treatment: Out of Scope?
Hi Sue,
Generally HMRC require that you add these transactions to Box 6 on your VAT return, so you should not set the VAT Treatment to 'Out of Scope'. Instead, set the VAT rate to 0% and choose the most appropriate VAT Treatment (eg. 'Sale of Services to Customer Outside EU')
Regards,