Hi,
I processed a bank receipt using n/c 5000 T1, and when I ran the vat return the vat amount is in box 1 and the amount before the vat is in box 7 . I agree with box 7 but would have thought the vat element would appear in box 3 as a credit. I realise it doesn't make a difference to box 5 but was checking to see if this is correct.
Thanks in advance.
Box 3 is a sum of Box 1 and 2.
If you post a bank receipt on T1 for say 100 net and 20 vat then:
Box 1 = 20.00
Box 3 = 20.00
Box 5 = 20.00
Box 6 = 100.00
See the screenshot below:
Box 7 wouldn't have a value for a bank receipt.
If you post a bank payment on T1 for say 100 net and 20 vat then:
Box 4 = 20.00
Box 5 = -20.00
Box 7 = 100.00
See the screenshot below:
As a bank payment doesn't go into box 1 or 2, it doesn't calculate as part of box 3.
Practice data can be useful for this, it's a blank company that you can try things out in >> Practice Data and Demodata (sage.com)
Ian
