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quick question on Cash Received Method

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  • 14-07-2014 3:13pm
    #1
    fitzgee
    Registered Users Posts: 2 ✭


    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.


Comments

  • Options
    #2
    Alan Shore
    Registered Users Posts: 735 ✭✭✭Alan Shore


    Only affects the timing of sales VAT.

    Purchase VAT is claim able in date of invoice.


  • Options
    #3
    fitzgee
    Registered Users Posts: 2 ✭fitzgee


    Thanks Alan


  • Options
    #4
    dbran
    Moderators, Business & Finance Moderators Posts: 2,094 Mod ✭✭✭✭dbran


    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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