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quick question on Cash Received Method

fitzgee · 2014-07-14 14:13:04

Hi All, Just wondering if I set up on the Cash Receipts Method of Accounting does this affect how i deal with VAT on Purchase Invoices too? Would I account for VAT on a PI at date of invoice, or in the case of part payments on that invoice would I split the VAT pro rata on each payment. Just trying to figure out how this…

14-07-2014 3:13pm

#1

fitzgee

Registered Users Posts: 2 ✭

Join Date: July 2014

Posts: 1

Hi All,

Just wondering if I set up on the Cash Receipts Method of Accounting does this affect how i deal with VAT on Purchase Invoices too?

Would I account for VAT on a PI at date of invoice, or in the case of part payments on that invoice would I split the VAT pro rata on each payment.

Just trying to figure out how this will affect VAT reclaims during startup.

Any help appreciated.

0

Comments

#2 14-07-2014 6:08pm

Alan Shore

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Posts: 734

Only affects the timing of sales VAT.

Purchase VAT is claim able in date of invoice.

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#3 14-07-2014 6:10pm

fitzgee

Registered Users Posts: 2 ✭

Join Date: July 2014

Posts: 1

Thanks Alan

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#4 15-07-2014 4:22pm

dbran

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Join Date: October 2004

Posts: 2041

Alan Shore wrote: »

Only affects the timing of sales VAT.

Purchase VAT is claim able in date of invoice.

...provided that you pay the invoice within 6 months of issue.

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