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Big Red Book Accounts v5

Recording VAT on Cash Receipts

Using Method 2 (with Allocations) Cash Receipts are entered as usual and allocated against Sales

Transactions.

Using Method 1 (without Allocation) details of receipts from customers are entered in the Cash Receipts

Book. If you have answered

Yes

to the '

VAT on Cash Receipts?'

option during set-up, a VAT Analysis

panel is displayed in the Cash Receipt entry screen, as below:

Cash Receipts entry screen using the VAT on Cash Receipts option

When entering a Cash Receipt you must analyse the

Gross

amounts (i.e. inclusive of VAT) in the VAT

Analysis. The sum of the amounts entered under the various VAT rates should therefore equal the amount

entered as Total earlier on the screen.

Note for Nominal users:

As all the figures used in the VAT Analysis in the Cash receipts book are gross,

postings made to a Nominal account are therefore also gross and the VAT control Account is not affected.

To post the VAT element to the VAT Control Account a Nominal Journal adjustment will have to made.

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