Settings and activity
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11 votes
An error occurred while saving the comment Mark Sharples supported this idea · -
52 votes
An error occurred while saving the comment Mark Sharples commentedThis would help a lot of our clients!
Mark Sharples supported this idea · -
281 votes
Thank you for your on-going input and attention to the idea here, everyone.
We will keep you updated on change for being able to add new tracking options when using new invoicing here, however if there are other items that you'd like to see developed please do make sure you've joined and are following updates for these too.
I can confirm our team have work underway to improve the line item grid where you enter detail of your invoice. Part of this work includes the ability to add new tracking options without navigating away from the invoice.
For now we'll move this idea to working on it and I'll be back to share when there's more news of this going live for you all.
An error occurred while saving the comment Mark Sharples commentedNEEDED
Mark Sharples supported this idea · -
53 votesMark Sharples supported this idea ·
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52 votes
Hi everyone, thanks for your interest in this idea.
For now, I wanted to share that we're aware some users have the following process to record their transactions. The example uses a vehicle with a purchase price of £1500, and a sale price of £2000.
- Record the purchase of the vehicle on a purchase Bill for the full purchase price of £1500 with a tax rate of VAT Exempt. So the purchase is recorded in box 7 on the VAT return.
- Record the sale of the vehicle on an Invoice for the full £2000 - using the Tax Exclusive option, and then manually changing the VAT calculated to the required amount - £83.33 (i.e. 20% on the profit of £416.87 or 1/6 of £500) by clicking the small plus box above the Tax Rate.
This will mean that you only charge £83.33 VAT for the overall profit figure, and ensuring the correct amounts are reflected in boxes 1, 3, 5 and 6.
You could…
An error occurred while saving the comment Mark Sharples commentedWe have clients using the second hand margin scheme and would really appreciate a solution.
The best we have at the moment is to use Products and Services to track stock, set stock items with the same purchase/sale price, then add in the margin at 20% VAT when raising the sale.
The only thing this solution doesn't cover is the simultaneous release of the box 7 figures when the stock is sold rather than when it is purchased - if this could be implemented (e.g. maybe a switch to release stock items on sale rather than purchase) then the system would work.
Mark Sharples supported this idea ·
Many of my clients would love this feature!