How to I put flat rate VAT on system to calculate the difference between what I take on invoices at 20% and what I pay HMRC
Hi Karen,
See this page for details of how to set up the flat rate:
http://www.solaraccounts.co.uk/help/notes-on-the-flat-rate-scheme-for-vat.php
You can see the flat rate setting for a particular invoice by clicking the small Up arrow next to the VAT Treatment field. Solar Accounts will automatically calculate the difference between that rate and the 20% you collect and allocate it to the 'Gain (or Loss) due to Flat Rate VAT' account. You can see this by viewing the invoice in the Transactions list, or by viewing the Account Activity for the 'Gain (or Loss) due to Flat Rate VAT' account.
Regards,
