What VAT scheme are you using?
To check your VAT scheme:
- Click Settings then click Company Preferences and click the VAT tab.
- Check which VAT scheme appears under VAT Scheme box, then click OK.
Standard VATwiz_VAT_STD;wiz_VAT;null VAT Cash Accountingwiz_VAT_VCA;wiz_VAT;null Flat Rate - Invoice Basedwiz_VAT_STD;wiz_VAT;null Flat Rate - Cash Basedwiz_VAT_VCA;wiz_VAT;null What do you want to edit?
Is the field you want to edit a critical or non-critical field?
| Critical fields | Non-critical fields |
Account
Bank
Date
Nominal code
Net amount
Tax code
Tax amount
Exchange rate | Details
Department
Reference
Ex. Ref.
Bank Reconciled flag
Bank Rec. Date. |
NOTE: Foreign currency transactions - The only critical field you can edit is the exchange rate. To amend any other critical field, delete then re-enter the transaction.
Critical fieldwiz_VAT_VCA_CRIT;wiz_VAT_VCA;null Non-critical fieldwiz_VAT_VCA_NONCRIT;wiz_VAT_VCA;null Backwiz_VAT;wiz_VAT_VCA;null
Has the supplier refund been VAT reconciled?
To check, click Transactions then identify the required transaction and check the VAT column.
- R = Reconciled
- N = Not reconciled
- - = Does not require reconciliation
Yeswiz_VAT_VCA_CRIT_RECY;wiz_VAT_VCA_CRIT;null Nowiz_VAT_VCA_CRIT_RECN;wiz_VAT_VCA_CRIT;null Backwiz_VAT_VCA;wiz_VAT_VCA_CRIT;null Restartwiz_VAT;wiz_VAT_VCA_CRIT;null
Reverse the supplier refund
You must reverse the supplier refund with a supplier payment, then post a new corrected supplier refund as required.
Reverse the supplier refund with a supplier payment
- Click Suppliers then click Supplier payment and complete the Supplier Payment window as follows:
| Bank A/C Ref | Choose the required bank. |
| Payee | Choose the required supplier. |
| Tax Code | Enter the same tax code as the original supplier refund. |
| Date | Enter the date of the refund. |
| Exchange Rate | Foreign trader only - Enter the same Exchange Rate as the original supplier refund. |
| Amount | Enter the amount. |
- Click Save then click Close.
Points to consider
- Bank reconciliation - Once you post the supplier payment, if required, you may also need to bank reconcile it. The net effect of the payment and original transaction in the bank reconciliation is 0.
- VAT reconciliation - As the supplier refund has been VAT reconciled, when you reverse it the new supplier payment (PP) appears on the next VAT quarter as a transaction from a previous period. You must include this previous transaction in the VAT Return.
Backwiz_VAT_VCA_CRIT;wiz_VAT_VCA_CRIT_RECY;null Restartwiz_VAT;wiz_VAT_VCA_CRIT_RECY;null
Edit a supplier refund
- Click Transactions then click the required transaction and click Edit.
To amend some fields, in Item Line Details you must click Edit.
- Make the required changes, click Save then click Yes.
Backwiz_VAT_VCA_CRIT;wiz_VAT_VCA_CRIT_RECN;null Restartwiz_VAT;wiz_VAT_VCA_CRIT_RECN;null
Edit a supplier refund
- Click Transactions then click the required transaction and click Edit.
To amend some fields, in Item Line Details you must click Edit.
- Make the required changes, click Save then click Yes.
Backwiz_VAT_VCA;wiz_VAT_VCA_NONCRIT;null Restartwiz_VAT;wiz_VAT_VCA_NONCRIT;null
Edit a supplier refund
NOTE: Foreign currency transactions - You can only edit non-critical fields and the exchange rate on foreign transactions. To amend other critical fields, delete then re-enter the transaction.
- Click Transactions then click the required transaction and click Edit.
To amend some fields, in Item Line Details you must click Edit.
- Make the required changes, click Save then click Yes.
Backwiz_VAT;wiz_VAT_STD;null