VAT Data Entry Changes UK

VAT Data Entry Changes UK

What are the data entry changes in Versions 11?

In programs prior to Version 11, Money In and Money Out transactions would be “exclusive” of VAT.
 
For a normal Money In transaction, the basic rule was the Total Receipt would equal the VAT amount plus the total of the Allocation columns.
 
For a normal Money Out transaction, the basic rule was the Total Payment would equal the VAT amount plus the total of the Allocation columns.
 
Reports would also show transactions as being “exclusive” of VAT.
 

How has this changed in Version 11?

Money In and Money Out transactions are now “inclusive” of VAT, and allocation columns will show the “Gross” amount.

However, reports will still show transactions as being “exclusive” of VAT.

For a normal Money In transaction, the basic rule is the Total Receipt must equal the total of the Allocation columns and must also equal the total of the Bank Deposits and Receipts Not Banked columns.

For a normal Money Out transaction, the basic rule is the Total Payment must equal the total of the Allocation columns


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