If I have an invoice or purchase posted in the last VAT quarter but the payment relating to this goes in or out in the following VAT quarter does Solar account for the transaction in the NEW quarter if the previous VAT quarter has been completed?
Hi Ibs,
It depends on whether you have told Solar Accounts to use the 'cash method' when you set up your business file. To see this setting, click menu Setup > Contact Details & VAT. If the 'VAT is Calculated' field is set to 'When Payments Are Received' then it is the payment date that will affect the VAT return. Otherwise it will be the invoice date.
Regards,
