-
New Member
VAT & prepayments
Hi
A client paid us an amount ahead of services we provided him. He wanted to pay this out to us before his financial year end.
After the services were rendered and invoices were offset against the initial amount paid, a credit balance was left which we paid over to him.
With reference to the refunded amount, is VAT applicable?
The initial amount was processed as a prepayment and invoices set off against it.
I am using XERO has my accounting program.
Many Thanks
-
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
-
Forum Rules
Did you like this article? Share it with your favourite social network.