Business - How to Not use Invoices?

[John Whitmore]

On Tue, Jul 05, 2016 at 08:28:48AM +1000, Liz wrote:
> On Mon, 04 Jul 2016 17:30:23 +0100
> "Maf. King" <maf at chilwell.net> wrote:
> 
> > Nope, you can just record them as normal transactions, but you have
> > to manually split the VAT portion into the relevant VAT account.
> > 
> > eg:
> > Buy £60 fuel on credit card
> > Credit card: £60
> > Expenses:Fuel:£50
> > Vat:Box4 £10
> > 
> > (assuming 20% VAt as in the UK) - I've given up trying to get the
> > columns correct in emails... hopefully you get the idea though.
> 
> My method...
> For 10% GST - change the values as required
> 
> Start the entry from the paying account (say credit card)
> Enter the date, the seller, start with Expenses:Fuel and put in the
> total 60.00
> now Split the transaction
> 
> on the Expenses:Fuel line now make it
> 60.00/11*10
> 
> USE The UP or DOWN Arrow
> 
> You now have a value which doesn't belong to anything in the accounts,
> which is 60.00/11 in this example
> 
> Call this GST / VAT 
> all is balanced and you can hit ENTER
> 
> Liz

Thanks a million to both Maf and Liz that makes so much sense now after a
while just using invoices. I just have to practice split transactions ;-)


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