I am using QB Premier 2008. I need some serious help :-( with Vendors vat setup. Entering the bill..all good and dandy...but nowhere does it show the amount excl and incl Vat, as a result the bill gets captured incl vat. So its obvious that the Vat Payable Ledger will not reflect the Vat portion of accounts payable.
How do i split up the vat on a bill to reflect correctly?
What i have done is entered a bill and split as: eg selected the relevant expense account eg
1. A Stationers with the amount of R100
2. Beneath that is the Vat Payable amount R14
3. Selected the vendor account A Stationers.
This now reflects correctly in the General Ledger as Accounts Payable (Split)...BUT now in the Vendor Centre this vendors account shows a -R14 balance....i am now about to shoot myself!!!!!
Please help :-(