Hello, I am new to Sage Instant Accounts and I’m also a new business. I hope you can help.
I purchase products from China and sell them to VAT registered UK businesses. The standard procedure is to pay the Chinese supplier 30% deposit upfront and then 70% balance on the week they ship the products. The final invoice can differ from original purchase order by a few per cent, as there is a usually a small manufacturing tolerance. I usually use the final invoice for my records for ease.
So for example:
i. How do I post these two invoices on Sage Instant?
ii. What VAT/Nominal codes do I use?
I hope these details help in getting an answer
My two main questions were which VAT codes to use and what nominal codes do I use, these questions were not answered.
Dear Damien,Hello and welcome again. Thanks for your follow up question.
There is no need for a negative rating. You can certainly continue the conversation if your queries are not resolved. Negative ratings adversely affects us. However, you can certainly replace them with a positive rating.As I mentioned in my above reply, Sage Line 50 sets the standard UK and EC VAT Rates automatically for you. However, they would be as under:T0 for zero rated, T1 for the standard rate and T9 for the exempted ones.Regarding nominal codes to be used in Sage, note that Sage codes are organied in a very logical way.Purchases ( sage accounts starts with 5000 and thet are between 5000 and 5999)Direct expenses for Sales and Purchases ( sage accounts starts with 6000 and thet are between 6000 and 6999)Expenses ( sage accounts starts with 7000 and thet are between 7000 and 7999)I am sure this would help.You may please leave a positive rating if this helps as that is the only way we receive credit for assisting you. Alternatively feel absolutely free to revert with more queries if you have.Warm Regards
I'm not sure your reply answers my question, or am I miss-understanding something?
Its Sage Instant (which I am using) the same as Sage Line 50? I've not mentioned sage line 50 anywhere.
I don't need EC VAT rates as I don't purchase or sell to anyone in the EC.
I already knew T0 for zero rated, T1 for the standard rate and T9 for the exempted ones - my confusion was which ones to use and when. For the example I sent you (the Chinese invoice, the Shipper Invoice and the C79 form) the which elements would be T0, T1 and T9 and which nominal codes would I use on Sage Instant Accounts for each element)??
Was just about to add this in but had already replied. I had already read the link you sent to me about posting the C79 form, but was not sure if this was correct. I've visited other on-line VAT specialist websites that disagreed with the answer there - are you 100% that its all correct?
Yes, I had seen your link about nominal codes, there seems to be lots and lots of codes on Sage Instant (grouped like you said above) but I'm unsure of which codes within these groups to use on Sage Instant - that's why I posted the question about the nominal codes. Also, the VAT code to use for each line of the invoice. I've never done accounts before and never used a accounts package before.
If you can help answer these original questions, that would be great.