Results 1 to 8 of 8

Thread: Supplier Invoices and vat

  1. #1
    New Member
    Join Date
    Nov 2012
    Location
    Boksburg
    Posts
    5
    Thanks
    3
    Thanked 0 Times in 0 Posts

    Supplier Invoices and vat

    Hi All,

    I am hoping that someone can help me.

    I have been using Pastel Business Online for the last while, and when entering supplier invoices for my overseas I would use a spreadsheet which factored in all the shipping costs and vat etc. Then when entering into the supplier invoice I would enter the item, price and use the "manual tax" option to put in the vat per item (which as we know is not 14% on imports). Then on the banking side I would take my payment to the supplier as well as the shipping and vat etc from my local shipping agent and allocate them to the supplier invoice.

    Now I have moved to pastel xpress 2011 and the WHOLE ballgame has changed.

    I am trying to do a supplier invoice, however I do not have a "manual tax" entry and I am now stumped as to how I enter the vat.

    ANY help is greatly appreciated, I just have a feeling that this is going to be a very steep learning curve

  2. #2
    Platinum Member Neville Bailey's Avatar
    Join Date
    Nov 2010
    Location
    Morningside, Durban
    Posts
    2,373
    Thanks
    35
    Thanked 392 Times in 339 Posts
    You will need to use the VAT type for 100%.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    View Neville Bailey Photography

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

  3. Thanks given for this post:

    Jforssman (12-Nov-12)

  4. #3
    New Member
    Join Date
    Nov 2012
    Location
    Boksburg
    Posts
    5
    Thanks
    3
    Thanked 0 Times in 0 Posts
    Thank you Neville,

    Should I create an inventory item, call it vat and just use that with the 100% vat type?





    Quote Originally Posted by Neville Bailey View Post
    You will need to use the VAT type for 100%.

  5. #4
    Platinum Member Neville Bailey's Avatar
    Join Date
    Nov 2010
    Location
    Morningside, Durban
    Posts
    2,373
    Thanks
    35
    Thanked 392 Times in 339 Posts
    No, simply use any GL account. It doesn't matter which one you use, as nothing will get posted to it, because the full amount will go to the VAT control account.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    View Neville Bailey Photography

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

  6. Thanks given for this post:

    Jforssman (12-Nov-12)

  7. #5
    New Member
    Join Date
    Nov 2012
    Location
    Boksburg
    Posts
    5
    Thanks
    3
    Thanked 0 Times in 0 Posts
    Thank you very much Neville! Much appreciated...

  8. #6
    New Member
    Join Date
    Nov 2012
    Location
    Boksburg
    Posts
    5
    Thanks
    3
    Thanked 0 Times in 0 Posts
    Just another question regarding this process....

    I am processing the cash book and I have an invoice that I paid to my freight agent. I have put in 2 separate entries, one is for their costs and tax and the other would be for the customs vat paid. I have put this in under tax code 12 - goods imported (100%) but I would just like to know if I should post this entry to the cost of sales account as with the rest of the invoice, or do I post it directly to the vat control account?

    My feeling is to just keep it on the cost of sales account in order to allocate it to the supplier invoice, the tax code would allocate the tax correctly? But I could be HORRIBLY wrong!

    Thanks again for any help!

  9. #7
    Platinum Member Neville Bailey's Avatar
    Join Date
    Nov 2010
    Location
    Morningside, Durban
    Posts
    2,373
    Thanks
    35
    Thanked 392 Times in 339 Posts
    As I mentioned before, it does not matter which account you use to allocate the customs VAT, as the 100% tax type will take the full amount to the VAT control account anyway.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    View Neville Bailey Photography

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

  10. Thanks given for this post:

    Jforssman (23-Nov-12)

  11. #8
    New Member
    Join Date
    Nov 2012
    Location
    Boksburg
    Posts
    5
    Thanks
    3
    Thanked 0 Times in 0 Posts
    Thanks again Neville, I just wanted to make 100% sure..... I'm sure you know the feeling when 6 months down the line you realise you have been doing it all wrong and have to fix it!

Similar Threads

  1. [Question] Pastel Xpress (Start-up) - How to correct SUPPLIER invoices
    By Tato in forum Accounting Forum
    Replies: 5
    Last Post: 25-May-15, 12:23 PM
  2. Invoices in Pastell V11 Startup
    By Vinruby in forum Accounting Forum
    Replies: 4
    Last Post: 05-Aug-14, 02:31 PM
  3. [Question] Companies that do not issue invoices...
    By mbsmit in forum Tax Forum
    Replies: 6
    Last Post: 28-Apr-12, 11:15 AM
  4. Pastel - Multiple invoices at once?
    By mother in forum Accounting Forum
    Replies: 6
    Last Post: 18-Jul-11, 09:59 PM
  5. income tax, invoices and payments
    By duncan drennan in forum Tax Forum
    Replies: 3
    Last Post: 12-Oct-06, 09:48 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •