Overview:

When generating a PDF from a Sales Invoice in Zumzum Financials, certain fields from the Sales Invoice record may not appear on the PDF. To resolve this issue and ensure accurate financial reporting, follow these steps: First, create a Purchase Invoice with a standard tax rate and then a Purchase Credit with exempt transactions to offset the invoice amount. This process will reflect the correct VAT in the Purchase Tax Control account and ensure that the amounts are netted correctly in the VAT return. Next, allocate the credit and payment to the invoice to maintain an accurate Supplier Account balance and settle the Purchase Invoice. Finally, enter a bank supplier payment to reflect the transaction in the appropriate bank account. It is recommended to consult with your accountant and test this procedure in a Sandbox environment before applying it to your live system. Always verify your Supplier Balance, Bank Account Balance, Trial Balance, and VAT returns before and after implementation.

Description: Is there a way that I can add a transaction/receipt with a Zero value, but with a custom VAT figure?

When the PDF is generated from a Sales Invoice, you are not able to see all the fields from the Sales Invoice record on the PDF.

Resolution:

1 – Enter a Purchase Invoice (Standard Tax Rate)

For Qty: 1, Unit Price £1000, Nominal Code (mispostings or other), Tax Rate: Standard VAT 20% (VAT will then calculate as £200)

2 – Enter a Purchase Credit (0% Exempt Transaction)

For Qty: 1, Unit Price £1000, Nominal Code (mispostings or other to match the nominal code in step 1 above), Tax Rate: Except Transactions (0%) (VAT will then calculate as nil and the £1000 will net off against the £1000 posted in step 1 above).

The result of this will be £200 in the Purchase Tax Control account that will appear in the VAT return, the £1000 in the Purchase Invoice and the Purchase Credit will net off in the purchases and box 7 of the VAT return.

3 – Bank Allocate Credit and Payment on Account to Invoice

To ensure the Supplier Account balance is correct and the Purchase invoice is settled correctly, please go to Bank>Allocate Credit and Payment on Account to Invoice, find the Supplier Account and Allocate £1000 to the Purchase Invoice (From Step 1 above) from the Purchase Credit in Step 2 above.

4 – Enter a Bank Supplier Payment

Please select the appropriate Bank Account, Select the Supplier account and enter your £200 payment against the outstanding Purchase Invoice.

You should consult with your accountant and test the procedure in your Sandbox prior to implementing in your live system.  Check your Supplier Balance, Bank Account Balance, Trial Balance and VAT returns before and after you implement this procedure.

Learn more about Cash Management for Zumzum Financials.