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Putting Creditcard transactions on Sage from Statement

Shirl50
  • 14 posts
  • # 72357

Hi Guys,

I have to post all the creditcard transaction from the statement to sage. My question is How do we deal with the VAT on the transactions? Do I use T9 or do I calculate VAT on all transactions.

A little confused here and would greatly appreciate some guidance.

Kind regards,
Shirley

  • Laughing
    Kind regards,

    Shirley

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  • 16 posts
  • # 72358

Hi

You should check as to what exactly the charges are for.  There is things which are VAT Exempt T9 and other which VAT is charged and reclaimable.  Also you need to determined that it is a genuine business expense.

If you dont have a copy of the receipt for the charges, I would call the company concerned and request a copy so that VAT can be reclaimed if applicable.

Hope this helps
Shirl50
  • 14 posts
  • # 72367

lhunter1972 said:

“Hi

You should check as to what exactly the charges are for.  There is things which are VAT Exempt T9 and other which VAT is charged and reclaimable.  Also you need to determined that it is a genuine business expense.

If you dont have a copy of the receipt for the charges, I would call the company concerned and request a copy so that VAT can be reclaimed if applicable.

Hope this helps”


  • Laughing
    Kind regards,

    Shirley

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Debsie
  • Fellow PM.Dip
  • Practice Licence
  • 336 posts
  • # 72375

I have to deal with this with 2 credit cards at work - remember that the purchases will be supported by an invoice which you will have posted as a purchase.  Threfore the credit card is just the method of payment.

Secondly, I 'pay' the invoice using the credit card account (ie. set up the credit card as a separate bank account).  When you come to pay the credit card off, post the payment as a transfer from the bank account to the credit card account.  Then when you reconcile the credit card account to the credit card bill you balance it to zero ie. the value of all the (credit ) payments equals the value of the (debit) transfer from the bank account.

Hope this makes sense. 

  • Debbie
    www.beckcottage.com


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