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VAT is set to 20% however not coming up at 20% when make invoice inc vat?

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jemima

09 Mar, 2015 03:05 PM

Hi I set the vat on as start of feb to 20% (see attached pic) however when i make an invoice inc vat is not coming up at 20%?

20% of £212 is 42.40 not 35.33 - can you tell me how to make this correct, would be much appreciated?

Thank you

jemima

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1. 1 Posted by jemima on 09 Mar, 2015 03:18 PM

   

   It is coming up each time at app 16% vat?

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2. Support Staff 2 Posted by Admin on 09 Mar, 2015 08:54 PM

   

   Hi Jemima,

   The £212 is labelled as "Incl-VAT", and the tax is being applied at 20%.

   212.00 - 35.33 = 176.67 (this is the exclusive tax "net" figure)
   176.67 * 20% = 35.33

   The app will indicate whether amounts are incl. or excl. tax and will pick the more commonly used based on the account in Account 1. If when entering figures you want to switch to one or the other, click on the cog at the top of the form (shown top right in your screenshot). Then click "Show Excl. VAT" or "Show Incl. VAT" as appropriate. Note: These options are only available if VAT applies with the two accounts selected.

   I hope that helps,
   Mathew

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3. 3 Posted by Jemima Eastwood on 10 Mar, 2015 12:37 PM

   

   Hi Matthew,
   Many thanks for getting back to me ­ I have sorted out now.

   Thanks

   Jemima

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4. Admin closed this discussion on 10 Mar, 2015 03:41 PM.