Help! What have I done!?
SashaDella
Registered Posts: 361
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
!!!
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
!!!
0
Comments
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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
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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!0 -
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 0
