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How should I account for VAT on a cash accounting scheme whereby a pro forma invoice is receieved but ....
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.......the VAT element is unknow until the final account is raised?

We would pay the required deposit amount on the pro forma for say 'hotel & restaurant group booking' but the whole bill may not all be subject to VAT. How would I record the payment amount on a cash accounting scheme in this instance when the VAT element is unkown? I use Sage.

Thanks
Claire



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attilabenko


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Hi,

I would think you account for it when payment made, calculate VAT from pro forma (if you don't know you will have to estimate) enter to accounts, and when you get VAT invoice make adjustments if needed.

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Attila
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Thanks! That was the conclusion I was coming too, I just wanted to try and avoid adjustments if poss.

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attilabenko


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Well I suppose it depends on how often are you doing the books and how quick they are with sending VAT invoice...

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Attila
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