Incomplete records - VAT on Sales and Purchases
Inostraj
Registered Posts: 2 New contributor 🐸
Hi everyone - I have a question on how to deal with VAT on Purchases and Sales when calculating COS and inventory.
If it states an amount of sales excluding 20% VAT, do I have to add it become calculating COS or do I leave out the VAT completely?
Thank you
If it states an amount of sales excluding 20% VAT, do I have to add it become calculating COS or do I leave out the VAT completely?
Thank you
0
Comments
-
Have you got the question.0
-
Normally things do have VAT on them so divide by 5 and add it to the opening inventory etc. But until I see the question…0
Categories
- All Categories
- 1.3K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 388 NEW! Qualifications 2022
- 173 General Qualifications 2022 discussion
- 16 AAT Level 2 Certificate in Accounting
- 78 AAT Level 3 Diploma in Accounting
- 113 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 276 VAT
- 96 Software
- 281 Tax
- 147 Bookkeeping
- 7.2K General accounting discussion
- 208 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 589 Job postings
- 16 Who can benefit from AAT?
- 37 Where can AAT take me?
- 43 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 67 AAT membership