HP Entries on Sage
JodieR
Registered Posts: 996 Beyond epic contributor 🧙♂️
I've just tried setting up a new HP agreement on Sage by entering a journal which looked something like this:
CR £10500 T9 HP Liability account
DR £10000 T1 Vehicles
DR £1500 T9 2201 VAT Purchases
CR £2000 T9 Bank account (deposit)
DR £1000 T9 HP Charges
But now when I run the VAT report it doesn't include the VAT reclaimed on the van. When I view the details of the VAT transaction I can see that the amount should be in the tax box rather than the net box, but it won't let me change that and I don't remember it being an option when I entered the journal.
So how does everyone else enter these things?!
Jodie
:confused1:
CR £10500 T9 HP Liability account
DR £10000 T1 Vehicles
DR £1500 T9 2201 VAT Purchases
CR £2000 T9 Bank account (deposit)
DR £1000 T9 HP Charges
But now when I run the VAT report it doesn't include the VAT reclaimed on the van. When I view the details of the VAT transaction I can see that the amount should be in the tax box rather than the net box, but it won't let me change that and I don't remember it being an option when I entered the journal.
So how does everyone else enter these things?!
Jodie
:confused1:
0
Comments
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If I have read it correctly, you need to enter a T1 code to the vat on purchases.0
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Thanks, that's fixed it
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If you want a journal to effect box 1-4, it needs to be posted to one of the Sales/Purch. tax control accounts with a vatable tax code...so yeah, sounds like you probably need to change to a T1 on your purchase tax journal.0
