Account Usage S/L - Card 3
- Dom. Sales A/C, EU Sales A/C, Export Sales A/C
- When an Invoice is approved, the values excluding VAT of the Items are individually credited to a Sales Account.
- It can be useful to maintain more than one Sales Account to keep a record of the sales of different types of product. For this reason, you can specify a separate Sales Account for each Item. Enter here the Account Code of the Account that you wish to be used as your default Sales Account, to be credited when no Sales Account has been specified for an Item or Item Group.
- Three default Sales Accounts should be set: which one will be used in a particular Invoice will depend on the Zone of the Customer concerned (set on the 'Company' card of the Customer record).
- Dom. VAT Code, EU VAT Code, Export VAT Code
- VAT Codes control which VAT Account will be used when an Invoice is posted to the Nominal Ledger and the rate at which VAT will be charged. VAT Code records are set up using the VAT Codes setting in the Nominal Ledger.
- You can specify a separate VAT Code for each Item. Enter here the VAT Code that you wish to be used as a default, to be used where no VAT Code has been specified for an Item, Item Group or Customer. Normally, if your company is registered for VAT, this will be the VAT Code representing the standard rate. Otherwise, it will be a zero rate VAT Code.
- Three default VAT Codes should be set: which one will be used in a particular Invoice will depend on the Zone of the Customer concerned (set on the 'Company' card of the Customer record).
- Note that, for Customers in the "Within EU" and "Outside EU" Zones, VAT will not be charged on any Invoices raised, irrespective of the VAT Code specified here.
Introduction to Settings in the Sales Ledger
