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Recording VAT
I would like to be able to record the VAT cost of an item that I record in expense'd. It's like sales tax in the US and appears on all receipts where the tax is payable. In certain circumstances I can claim it back, so it's important to have a record. The breakdown would be as follows
Item(s) Subtotal: £319.47
Postage & Packing: £0.00
Total before VAT: £319.47
VAT: £47.92
Total: £367.39
In a perfect world I'd like to record the Item Subtotal in the existing amount field and then optionally enter VAT in a second field (if I'd paid it) and then have expens'd total them for me.
Item(s) Subtotal: £319.47
Postage & Packing: £0.00
Total before VAT: £319.47
VAT: £47.92
Total: £367.39
In a perfect world I'd like to record the Item Subtotal in the existing amount field and then optionally enter VAT in a second field (if I'd paid it) and then have expens'd total them for me.
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Inappropriate?Hi Moira,
To be sure I understand, would the VAT be another field on the expense, much like tags or the name? Thanks.
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Inappropriate?Hi Robert,
The VAT field would be another field, but like the amount field, not the tags or the name field (as I don't need to filter on it specifically). I would tag as I normally do, but I'd have additional columns within each report that is generated that are: total before VAT, VAT & Grand Total.
As I mentioned before, in a perfect world, I'd record the total before VAT and the VAT (as the rate can vary so there's no point trying to calculate it in the system) and the system would generate the grand total.
If I need to I can then export the details to CSV and get rid of the columns I don't want for a VAT return.
Does that help or have I muddied the water even more? I'd be happy to mock something up and email it to you if you'd like? -
Inappropriate?That helps a lot. Thank you. I'll be sending out this idea in our next newsletter to get other members of the community to vote on it as well.
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