Help! What have I done!?

SashaDella

When automatically prepaying income to an account.

The amount gets released over the period set. Would you include VAT?

Because when I have first prepayed 495 over 12 months its done to 41.25 so i journaled out this 41.25 (which includes VAT)

But when I did CR 495 and DB 495 (prepaying it over 12 months) it hasn't done the 41.25 its taken out 34.38 which is the amount without VAT.

and so I have in all months between jan-12 and dec-13. -41.25 and +34.38

!!!

crispy

Hello,

I would have released the Net amount over the 12 months (£ 412.50) and not included VAT.The prepayment would be created at £ 412.50 and released at £ 34.38 per month over the period.

Just enter journals to correct the position as at your Month End maybe ?

This advice may / may not of been helpful

SashaDella

The £495 is the net... I really dont understand whats it done. Because it has done it automatically.

Im thinking the settings for prepayments from invoices are different from those when using journals... I think I'll have to leave it till next week (when manager is in)

It looks messy because of all the journals, I dont want to start journalling stuff around even more really!

SashaDella

If you were wondering it was all okay... We were posting PL and SL to an SL account on purpose so it was the difference between the PL and SL that I was seeing in the prepayments account.

Was so happy that I did it all right