Transactions with VAT | Income/Expense accounting

To record transactions with VAT in Banana Accounting, you need to use an Income / Expense template with the VAT management option.

These templates already include all the settings needed to manage VAT:

• The Accounts table includes VAT report and VAT payable accounts.
• In File properties > Basic data > VAT, the VAT report account is set.
• The VAT Codes table already contains VAT codes updated according to regulations.

How to record transactions with VAT

The Transactions table includes specific columns for VAT. If you activate the Complete view, you can see all the dedicated columns.

For each transaction, enter:

• Date → the date of the document (invoice, receipt, etc.).
• Doc → the document number (if available).
• Invoice No. → enter the invoice number from the customer or supplier.
• Doc Link → enter the path to the PDF document to attach.
• Description → short text describing the operation (e.g. Sale of goods or Rent payment).
• Income/Expense → the amount received or paid.
• Account → an account related to the transaction from the Accounts table (e.g. Cash, Bank).
• Category → the reason for the transaction represented by a category from the Categories table (e.g. Sales, Rent).
• VAT Code → indicate the applicable rate:
  • V81 → sales.
  • M81 → purchases related to main business activity.
  • I81 → purchases related to investments or general costs.

Automate the VAT code

To speed up entries, you can make the VAT code fill in automatically.

• Go to the Accounts and Categories table.
• From the menu Data > Organize columns, activate the VAT Code column.
• Enter the VAT code in the corresponding rows. The VAT code must exist in the VAT Codes table. For Switzerland, for example:
  • On fixed asset purchase accounts → I81.
  • On sales categories → V81.
  • On purchase categories → M81 or I81.

This way, when you enter a transaction linked to that account or category, the program will automatically fill in the VAT Code and immediately calculate the related data.

Learn more 

• VAT Summary
• Swiss VAT Management
• Various VAT transaction cases (double-entry accounting)
• Swiss VAT reports → Only with Advanced plan.