Hi there
it is a nice clean piece of software.
However I am struggling to see how to select the right treatment for non-VAT transactions - essentially the COmpany has been trading in commodities that stayed within Asia/Africa. So no EU VAT applicable. This should auto update on the accounts for the VAT return form.
Also wondering how to register payments that were accounted for as provision for doubtful debts, but then are subsequently paid.
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Of course I can select any period for accounting yr.
Rgds, Eno
Hi Eno,
Thanks for your feedback - we're glad you like the software!
For non-VAT transactions just set the VAT Treatment to 'Out of Scope - Does Not Affect VAT Return'.
To provide for doubtful debts you would normally create a new asset account called 'Provision for Bad Debts', then periodically create a General Transaction from this account to the 'Bad Debts Expense' account. To reduce the provision you would record the opposite transaction (ie. a General Transaction from 'Bad Debts Expense' to 'Provision for Bad Debts'). Note also that since you have a provision for doubtful debts, when you write off a bad debt you should use the 'Provision for Bad Debts' account on the credit note.
Cheers,
