VAT Amount on sales by disbursement, can someone confirm my process is correct?
i'm trying to confirm the way i am getting my VAT figure from our amazon disbursements is correct. We work on cash accounting so i need to know the accurate NET / VAT figures on the exact payment amounts that arrive in our bank from Amazon.
I can see from the disbursement summary there is a sales tax figure, but that is just for sales right? it doesn't allow for the VAT included in any refunds paid back to customers, nor does it include any VAT on labels purchased from DPD and other couriers? So these amounts need to be deducted from the sales tax amount right?
So is it just a case of taking the TAX figure from the sales, and deducting the TAX from any labels purchased and refunds processed? Something like this? Or am i missing something?
6 replies
Seller_kh77A9MtOsq7P
Download the transaction reports each month, that shows the sales and VAT.
Seller_hjC1f9DWeqg5C
The text on your image is correct to how we do it as well, however its not quite that simple as its very unlikely the disbursement range will fall perfectly into your VAT return date range. We use A2X, which once mapped correctly automatically calculates it all for you.
Seller_uPuf4V7GDz2aH
You should definitely try LinkMyBooks.
It costs around £40 per month and it breaks down all of this data with the correct VAT rates. Genuinely an amazing piece of software and especially with the sales you are getting you should at least look into it. I was tearing my hair out until until I found it.
