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Where Taxpayers and Advisers Meet

KASHFLOW One bill but 200 item how split/show in books

the5ame
Posts: 5
Joined: Mon Jul 04, 2016 4:48 pm

KASHFLOW One bill but 200 item how split/show in books

Postby the5ame » Tue Mar 14, 2017 6:05 pm

We will have to register for VAT within next 2 month as coming to the treshold. When we become a VAT register how do we record purchases. Lets say I buy 200 different products from same company once a week. I pay all in one go (example £2400). Then company emails me an invoices for each item individually. How do I record this sale as on my Kashflow account as it apears as one payment. The £2400 includes VAT so will I have to pay minus VAT or same as before but show in books that this included VAT. Or I have to supply their company with my VAT number so they send invoices without and payment will exluded VAT?

Curently get invoice with this format:
PVC Book Shelf
Postage: 0.00
Price: £10.0
VAT: £2.00
Total: £12

bd6759
Posts: 3106
Joined: Sat Feb 01, 2014 3:26 pm

Re: KASHFLOW One bill but 200 item how split/show in books

Postby bd6759 » Tue Mar 14, 2017 7:18 pm

CR Bank £12
DR Purchases £10
DR VAT £2

If you sell it for £24

DR Bank £24
CR Sales £20
CR Vat £4

If these were the only transactions in the VAT period, your profit will be £10 (£20 sales less £10 Purchase) and you will owe £2 VAT to HMRC (£4 - £2)


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