I run a shop / restaurant. I sell a lot of produce in my shop (which is zero-rated), and cooked meals in the restaurant (which has 15% VAT). Due to my business model, I log the revenue made on a weekly basis. So this means that I don’t use invoicing on Manager (I have a seperate POS that all my sal…

Log the VAT on your sales when you enter your weekly sales.

It is worth stating that Manager automatically offsets VAT on sales and purchases as long as you apply the same tax code when recording both. For zero-rated sales, either use a 0% tax code (to show they are zero-rated) or no tax code at all. For taxable sales, apply a 15% tax code. For all purchases…

Hi, my question is how to do that? I log my sales as a New Receipt, however I receive revenue through card and cash. So I usually log my revenue from cash sales and then my revenue from speedpoint sales seperately, so as to balance my Bank Reconciliation. In doing this, how would I separate the va…

Your revenues are 1000 @ Zero Vat 3000 @ 15% VAT If you want to record the cash and speedpoint separately, you will have to split 1,200 cash revenues into zero-rated and 15% and similarly for the 2,800 speedpoint revenues.

You have two options: 1. Using Inter-account Transfers I would create a single receipt to a cash account called POS Cash that contains the following lines: 1000 @ 0% VAT 3000 @ 15% VAT Then I would create two Inter-account transfers paid from POS Cash, one received in cash and another received …

Have a read of this topic - it’s about another restaurant. [image] Dealing with cash register Z-Reports Background: I have cash accounts: Cash at Bank Cash on hand I use an EFTPOS provider who deposits the days EFTPOS takings into my account each night Up until this …

Thank you! I found this very helpful I’m now encountering another issue Here’s an example of a Sales Invoice I’ve logged under POS Customer: Sales - VAT - E2,734 Sales - Zero Rated - E557.3 Total - E3,291.2 Includes VAT - E356.61 As you see the E356.61 doesn’t equal 15% of the VAT sales or of…

A screenshot of the sales invoice edit screen (full screen!) would help to identify the cause.

356.61is exactly the inclusive tax amount for 2734 (2734 × 15% ÷ 115%) There’s a checkbox called Amounts are tax inclusive. Make sure it’s unchecked and your problem should be solved.

Read the Guide about this topic: Choose between tax-exclusive and tax-inclusive prices | Manager .

Offsetting VAT expenses & revenue

Brucanna April 16, 2021, 10:55am 7

Have a read of this topic - it’s about another restaurant.

By entering two account lines within the receipt

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Offsetting VAT expenses & revenue

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