Oh dear, it turns out we don't get VAT back...

[Keith A. Milner]

On Thursday 16 Jun 2011 15:00:23 edpsystems wrote:
> I love the way IANAA can become internet slang and understood in 2 days!
> Brilliant!
> 
> I'm not an accountant either, my aim when I implemented GnuCash was to move
> away from monthly spreadsheets and be able to monitor our overheads vs
> income in-house. As you rightly point out we're a dental clinic, so we have
> to look at our cost of services, maintenance and materials, but it's not
> proving beneficial because although I can see we spent x on electricity, it
> actually cost x+VAT, and the reports don't take the VAT into account.
> 
> If GnuCash doesn't cater for VAT-exempt businesses then I can't say I
> didn't try.

It can, but if you're reporting requirements dictate that you want to see 
things in a certain way then you need to adapt your usage.

Basically, you can't use the in-built tax calcs, but if you don't need to 
account for VAT separately (for reclaim) then I don't see any benefit in using 
these anyway.

Cheers,


-- 
Keith A. Milner