UK VAT - Tax tables

[Derek Atkins]

Aldous Everard <aldous at hypercubesystems.co.uk> writes:

> Don't worry about that last query, got it sorted, just wondering though
> if anyone would mind advising me on whether it is normal for small
> business accounts to enter each bill received as a bill in the
> Business|Vendors|New Bill, and to set up an account with each vendor.

You do not need an account for each vendor.  You need a single AP account.

> I want to have useful accounts, but this seems like a lot of work for
> each invoice.  Is it more normal to just put the Vendor name in the
> Description section of a new account transaction, and can the bill then
> be traced for reports?

If you use the Business->Vendor->New Bill interface then the system will be
able to track individual vendors in the reports.

> Thanks,
> Aldous

-derek

> On Tue, 2003-07-29 at 11:10, Aldous Everard wrote:
> > Is there any literature on, or can anyone help me set up tax tables.  I
> > have followed Vincent's tree when setting up my accounts heirarchy, and 
> > entered a transaction with VAT deducted.  However the VAT amount has
> > gone into the parent account (ie. VAT purchases) and I don't know how to
> > specify the Liabilities:VAT:I/P branch.
> > 
> > I am using Business | Vendors | New Bill to enter the bill amount.
> > 
> > Any help much appreciated
> > 
> > Aldous
> > 
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-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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