Before entering transactions with VAT, we advise you to visit the Transactions page.
The most common way of entering a VAT transactions is to enter the gross amount (amount including VAT), then apply to it the appropriate VAT code, choosing it among the ones included in the VAT codes table and according to your transaction type (Purchase, Sale, Discount, ...).
How to correct VAT transactions
If you see the mistake right away, you can just edit the transaction row; this is only possible if you haven't sent your VAT report yet and if there is no transactions lock.
If however your accounting file is locked or if you have already sent your VAT report, you cannot simply delete the wrong transaction, but you need to operate some cancellation-transaction and then re-enter the correct transaction.
In order to rectify VAT operation you need to:
- make a new transaction by inverting the Debit and Credit accounts used in the wrong transaction
- enter the same amount
- enter the same VAT code but preceeded by the minus sign (ex.: -V80)
- enter a new transaction with the correct accounts, amount and VAT code
Depending on the entity of the mistake, you should consider informing your local VAT office; usually they ask you to download a specific form for correcting mistakes in the previous VAT period.