I have recently started using Manager for keeping accounts for my small business. And so far I am loving it.
I have read some topics about this on forum here, but haven’t yet figured out how to add this transaction.
I am not very good at accounting, so sorry if I am asking a silly question, but I would be really thankful if someone explained how to do this in Manager.
My business is located in Sweden (base currency SEK), and I purchased a product from a vendor in Ireland (in Euro). I provided my VAT registration number while purchasing the product. So the vendor didn’t charge me any VAT on the invoice, but I still have to pay Swedish VAT (called moms in Sweden, 25%) . So what I would like to do is to be able add this amount to the Tax payable, but no matter how I try to do, I can’t balance it out somehow.
Can someone with experience please explain how to add this kind of transaction so that the the VAT to be paid ends up correctly (i.e. in the liability).
Thanks in advance for any help.