How to handle VAT

[E Dodd]

On Saturday 02 April 2005 20:00, Ian Leonard wrote:
> Hello,
>
> I am new to Gnucash and want to see if I can use if for my business
> accounts (when I say business - it's just me). This question is probably
> applicable to the UK only and I saw the topic discussed in the archives
> a few weeks ago.
It's applicable to many places.

>
> I need three things:
>
> a) To have VAT from invoices transferred to a VAT liabilities accounts.
> I haven't looked at the invoicing feature of Gnucash - I will probably
> just enter the transactions by hand.
>
> b) To enter purchases and have them split into a VAT account
>
> c) Have the two VAT values summerised ready for transfer to the VAT form
>
> I guess c) will follow on from a) & b) but any advice on how to tackle
> this would be appreciated.

Two ways.
1. Use specific VAT liability and credit accounts and split transactions.
Every reporting period you just make sure that the liability and credit 
accounts have an entry cross-linked to the bank account which makes the 
account value zero.
2. Use the specific business features and invoices etc.
LIZ

-- 
That that is is that that is not is not.