Credit notes

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:24AM in AAT student discussion
Hi, I'm just doing a practice sim for unit 1 and I'm a bit stuck...

I know when you're issuing an invoice you calculate the VAT on the assumption that the customer will take the discount, but when youre issuing a credit note do you calculate the VAT on the assumption that the customer took the discount?

Sorry, my tutor didn't explain this part :?

Gem

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Credit notes

    The credit note should be an exact reversal of the invoice (or incorrect part thereof) so if your invoice VAT was on the basis of the discount being taken, so would your credit note.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Credit notes

    Thank you TLG

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