Account Summary Question (Tax)
Just looking for a bit of clarification if anyone can help.
The Account Summary report has a section at the bottom that appeared Jan 2021 onwards titled “Tax”, underneath the “Expenditure” columns.
My accountant has asked about it and I must admit I didn’t notice it, merrily inputting the income and expenditure.
Can anyone confirm exactly what it is? Is it in addition to the income column?
I’m VAT registered and really should know the answer but after searching a lot I don’t know for sure if it’s just showing it as a separate figure for admin purposes, or if I should have added it to my Income column?
Seller_7VbclcPFFRTnc
It’s the vat collected on sales
The income column is net of vat
Edit - presume you mean date range reports ?
0 replies
Seller_7VbclcPFFRTnc
It’s the vat collected on sales
The income column is net of vat
Edit - presume you mean date range reports ?
Seller_R8W4ooA3yVAgO
I’ve been VAT registered for quite a while, 6yrs roughly, and always since being on Amazon.
Seller_R8W4ooA3yVAgO
Haha, well I’m a sort of halfway house between old style and software (Quickbooks), but with over 1000 transactions per day it’s becoming too complicated and I really don’t like accounting much.
Quickbooks seems to work with Link my Books, thanks for the great review Neil.
At least the accountant noticed, grateful of that!
Seller_R8W4ooA3yVAgO
At this point I’m willing to pay whatever it takes.
LMB does a 14 day free trial, so I’ll give it a go and see how it works out.
