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remittance advice, statement or contract as an invoice

  • 09-10-2014 12:42pm
    #1
    rmflsdl
    Registered Users Posts: 24 ✭


    Hi all,

    I have a quick question in terms of what can be used as a supplier invoice for an accounting purpose.

    I have been told that only proper supplier invoice( not receipt, contract, profoma and statement, email) can be recorded in accounts payable book.

    For example, we paid rent fee but there is no invoice issued to the company. we only have the contract and the receipt confirmation letter.

    Is it possible for the company to record these document such as a contract or receipt confirmation letter as an invoice in accounts payable book?
    Or shouldn’t we record them as an invoice at all as they are not an invoice?

    I would really appreciate for all of your advice.


Comments

  • #2
    marizpan
    Registered Users, Registered Users 2 Posts: 443 ✭✭marizpan


    The invoice requirement is so that you can claim vat if you are vat registered. All business related expenses should be recorded such as rent.


  • #3
    Nemeses2050
    Registered Users Posts: 1,569 ✭✭✭Nemeses2050


    rmflsdl wrote: »
    Hi all,

    I have a quick question in terms of what can be used as a supplier invoice for an accounting purpose.

    I have been told that only proper supplier invoice( not receipt, contract, profoma and statement, email) can be recorded in accounts payable book.

    For example, we paid rent fee but there is no invoice issued to the company. we only have the contract and the receipt confirmation letter.

    Is it possible for the company to record these document such as a contract or receipt confirmation letter as an invoice in accounts payable book?
    Or shouldn’t we record them as an invoice at all as they are not an invoice?

    I would really appreciate for all of your advice.

    I have taken receipt email confirmation's as an Invoice....by the way there's no VAT on Rent....


  • #4
    marizpan
    Registered Users, Registered Users 2 Posts: 443 ✭✭marizpan


    Nemeses2050 wrote: »
    I have taken receipt email confirmation's as an Invoice....by the way there's no VAT on Rent....

    It should state in the lease/rental contact if vat is charged.
    There can be vat on rent


  • #5
    Nemeses2050
    Registered Users Posts: 1,569 ✭✭✭Nemeses2050


    marizpan wrote: »
    It should state in the lease/rental contact if vat is charged.
    There can be vat on rent

    Nope...VAT is not applicable on Rent.

    "Lettings are exempt supplies of services for VAT purposes." - Revenue.ie


  • #6
    2moreMinutes
    Registered Users, Registered Users 2 Posts: 1,003 ✭✭✭2moreMinutes


    Nemeses2050 wrote: »
    Nope...VAT is not applicable on Rent.

    "Lettings are exempt supplies of services for VAT purposes." - Revenue.ie
    Sometimes its worth reading beyond the first line of a subject on the Revenue website.


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  • #7
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Nemeses2050 wrote: »
    Nope...VAT is not applicable on Rent.

    "Lettings are exempt supplies of services for VAT purposes." - Revenue.ie

    A little knowledge is a dangerous thing!


  • #8
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Just for clarity:

    1. Overview
    Letting of property is exempt from VAT but the landlord may, with some exceptions, exercise an option to apply VAT to a letting.

    http://www.revenue.ie/en/tax/vat/leaflets/property-guide/letting-property-new-system.html


  • #9
    Nemeses2050
    Registered Users Posts: 1,569 ✭✭✭Nemeses2050


    Alan Shore wrote: »
    Just for clarity:

    1. Overview
    Letting of property is exempt from VAT but the landlord may, with some exceptions, exercise an option to apply VAT to a letting.

    http://www.revenue.ie/en/tax/vat/leaflets/property-guide/letting-property-new-system.html

    I do agree I jumped a bit on that...as ours is a connected lease and there's no VAT applicable on that...we did confirm that with our Auditors GT...So I was under the impression it was applicable to all...


  • #10
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Nemeses2050 wrote: »
    I do agree I jumped a bit on that...as ours is a connected lease and there's no VAT applicable on that...we did confirm that with our Auditors GT...So I was under the impression it was applicable to all...

    As I say to anyone when they ask me about VAT on property - it's exempt except when it's not exempt.


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