Hi, wondering if I can get some advise on the RCT on Tas Books, this area is new to me. I have few years experience with Tas but just recently started to do accounts using RCT for a sole trader.
Q1. On completing a sales invoice, I presume VAT is not charged on invoice but noted on invoice that Vat to be accounted by principal contractor.
On posting this invoice onto sales account, under the RCT is it just net amount that's entered?. Is VAT amount entered in RC Vat Applied box?
Q2. The customer has paid net amount less 20%, to clear customers account of balance where do I post this balance?
Any advise would be greatly appreciated.
Q1. On completing a sales invoice, I presume VAT is not charged on invoice but noted on invoice that Vat to be accounted by principal contractor.
On posting this invoice onto sales account, under the RCT is it just net amount that's entered?. Is VAT amount entered in RC Vat Applied box?
Q2. The customer has paid net amount less 20%, to clear customers account of balance where do I post this balance?
Any advise would be greatly appreciated.