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Thread: Pastel Cashbook receipts

  1. #1
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    Red face Pastel Cashbook receipts

    Hi All

    I am back again with a question and I really would appreciate your help with this one as I am confused.
    When you capture payments received from customers do you have to also select the VAT type so that it shows in the receipts journal? I only type in the amount received and leave the tax 00 is that incorrect?

    Also I bought something for one of the shareholders, and then the money was repayd. How do I enter that in the GL and the CB?


    many thanks
    Vinruby

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    Platinum Member Neville Bailey's Avatar
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    Quote Originally Posted by Vinruby View Post
    When you capture payments received from customers do you have to also select the VAT type so that it shows in the receipts journal? I only type in the amount received and leave the tax 00 is that incorrect?
    It depends on whether you processed a Tax Invoice for the customer beforehand - if you did, then the VAT will have been accounted for at that stage. The cashbook receipt will then have no VAT implications, as it is merely settling the amount due.

    Quote Originally Posted by Vinruby View Post
    Also I bought something for one of the shareholders, and then the money was repayd. How do I enter that in the GL and the CB?
    I assume you mean that the business bought something for one of the shareholders, and that the shareholder repaid it to the business? If so, then I would allocate the cashbook payment to the shareholder's loan account and then, when he/she repaid the business, you need to allocate the receipt to the loan account again.

    Hope I understood your question correctly!
    Neville Bailey - Pastel Accounting Consultant and Photographer
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  3. Thank given for this post:

    ultramel123 (06-Feb-13), Vinruby (28-Jul-11)

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    Neville you are Brilliant! thank you so much.

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