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wendyletheby
June 2, 2023
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On the bookeeping column for banking it shows no VAT even though I will have entered invoices with VAT. Will this affect our VAT return?

  • June 2, 2023
  • 1 reply
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Our invoices include VAT but on the transactions page it states no VAT. Why? Will this affect our VAT return if I match the transaction?
Best answer by Ashleigh1

Hello Wendyletheby, thanks for posting on this thread, So when you match the invoice to the transaction it will record it with whatever is on the invoice rather than the transaction, so if the invoice is say 20% but the transaction is no vat it will when matched record it as the 20% that's on the invoice for you because the payment doesn’t record the VAT anything initially declared will be on the invoice. 

1 reply

A
Ashleigh1Answer
June 2, 2023

Hello Wendyletheby, thanks for posting on this thread, So when you match the invoice to the transaction it will record it with whatever is on the invoice rather than the transaction, so if the invoice is say 20% but the transaction is no vat it will when matched record it as the 20% that's on the invoice for you because the payment doesn’t record the VAT anything initially declared will be on the invoice. 

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