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Tax Calculations


taxingwork
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Regarding tax or vat in the UK, is it necessary to enter this seperately to the total figure i.e.

£100 plus vat of 17.5% (£17.50) and £117.50? I assumed the program would calculate this on it's own as it is automatically calculated on the invoices and pro forma etc. If it does in fact do this, how can I see the vat?

 

Also confused as to how to enter: sample:

 

 

Buying an item to sell (Cost of Sale) - should this be entered under Payments or purchases? To me they are the same thing... not sure.

 

payments, receipts, sales, purchases

 

Thanks to anyone out there ....

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  • 1 month later...

hi,

You can see the tax amount when you click on Accounting Report under Reports in the main window of Express Invoice.

 

To enter Tax rate, click on Change configuration Settings under Additional Options, then click on the Tax tab.

 

Buying an item for resale should be entered under Purchases.

 

hope this helps.

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