Output VAT is added to the price when goods and services are sold which are liable to VAT and known more commonly as Sales (or income).
The fields should be completed as below:
- Date: Date of the transaction
- Customer: Name of the person who purchased the item from you (this can be ‘group’ if it’s general group sales/activities)
- Description: Details of what the transaction was for
- Reference: If you provided a reference for the transaction (such as on an invoice), this can be added here
- VAT Rate: Choose from the relevant rate. Most items will be Standard (20%)
- Gross Amount: The full selling price
- Comments: Add any comments here about the transaction for your records
Do not edit the orange columns – these are auto-generated based on your inputs and are for the VAT return to calculate correctly.
To enter a item, simply add the details to the next available row in your spreadsheet as below.
In this example, the sale of recipe books in group to members has been logged. The selling price was £50 and books are Zero-Rated for VAT, therefore the system has calculated that VAT does not apply to this transaction.