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taken from the Accounting Made Easy e-book








BATCH (JOURNAL) PROCESSING
ENTER AMOUNTS INCLUSIVE OR EXCLUSIVE OF VAT
  
If you are registered as a VAT vendor and VAT is applicable to transactions, you need to select a valid tax code for the transaction. If the selected Tax code has a percentage of VAT, TurboCASH will automatically calculate the VAT percentage for you. When entering transactions in a batch, you may select to enter the amounts for transactions inclusive or exclusive of VAT.

To Enter the Transactions Inclusive of VAT:

Click on the speed button or icon or press the key on your keyboard. You need to enter the amounts for transactions inclusive of VAT (e.g. 1 140 (1 000 plus 14% - 140)) as follows:

Minimise button - inactive. Restore button - click to display this screen to full size and click again to restore it to its original size. Title bar - double-click to display the screen in full size or to return to the normal size. Title bar. The name of the selected batch. Title bar. The Alias for the selected batch. Close button - Click to close or exit this screen. Click to delete a selected transaction. Click to insert a row or line above a selected transaction. Click to balance the batch, if the batch is not already in balance. Click to post or update the transactions to the ledger, if the batch is in balance. Click to enter transactions Inclusive or Exclusive of VAT. Click to list the entries or transactions entered into the batch. Click to access more processing options for the batch. Click to set the Options for this batch. Enter the document or reference number for the transaction in this column. Enter or select the date of the transaction in this column. Enter a description for the transaction. Select the Debtor Account. Select a valid Tax (Output VAT) Account, if you are registered for VAT and VAT is applicable to the transactions. Enter the debit amounts Inclusive of VAT. No amounts should be entered for sales invoices in this column. Scroll bar - scroll to view more transactions entered in the batch.

The amounts entered inclusive of VAT will be displayed in bold font style.

TurboCASH will calculate the VAT and display both the amounts inclusive and exclusive at the bottom-right hand corner of the Batch Entry screen.



To Enter the Transactions Exclusive of VAT:

Click on the speed button or icon or press the key on your keyboard. You need to enter the amounts for transactions exclusive of VAT (e.g. 1 000) as follows:

Minimise button - inactive. Restore button - click to display this screen to full size and click again to restore it to its original size. Title bar - double-click to display the screen in full size or to return to the normal size. Title bar. The name of the selected batch. Title bar. The Alias for the selected batch. Close button - Click to close or exit this screen. Click to delete a selected transaction. Click to insert a row or line above a selected transaction. Click to balance the batch, if the batch is not already in balance. Click to post or update the transactions to the ledger, if the batch is in balance. Click to enter transactions Inclusive or Exclusive of VAT. Click to list the entries or transactions entered into the batch. Click to access more processing options for the batch. Click to set the Options for this batch. Enter the document or reference number for the transaction in this column. Enter or select the date of the transaction in this column. Enter a description for the transaction. Select the Debtor Account. Select a valid Tax (Output VAT) Account, if you are registered for VAT and VAT is applicable to the transactions. Enter the debit amounts Exclusive of VAT. No amounts should be entered for sales invoices in this column. Scroll bar - scroll to view more transactions entered in the batch.

The amounts entered exclusive of VAT will be displayed in regular font (not bold).

TurboCASH will calculate the VAT and display both the amounts inclusive and exclusive at the bottom-right hand corner of the Batch Entry screen.



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Content released by Digidan under the GNU Free Documentation License 1.2.