Settings and activity
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62 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…
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Gemma Dyer
supported this idea
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167 votes
Thanks for the support for this idea from everyone here. We appreciate our customers' needs for more controls in reports access, and being able to safeguard sensitive data while still empowering your team with the information they need.
The good news is reporting is one of the primary areas that we’re looking to develop, and we’re working on a solution that’ll give you more flexibility within the Invoice only role by providing access to Sales & Purchases reports.
As we continue to make headway with this, we’ll be back to share more updates with you all.
Gemma Dyer
supported this idea
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An error occurred while saving the comment Gemma Dyer
commented
We need users that have invoice only access to be able to run an AR or AP report
Margin scheme invoice without showing VAT to customer as this shows the VAT on the profit made, and we do not want to show the customer the profit made. Currently preparing invoices separately and uploading with margin information to Xero afterwards.