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Big Red Book Accounts v5

VAT only Invoices

VAT-only invoices typically come from Customs or from freight shippers and relate to the VAT element for

goods previously imported. They usually relate to goods imported from outside the EC. Typically an invoice

with no VAT element will have already been received from the foreign supplier.

The best approach to entering VAT-only invoices is to think of them in conjunction with the original

invoice from the foreign supplier, and is best understood by example. In this case, an invoice has

already been received without a VAT element, for €10,000, with the VAT Type entered as Foreign -

Non-EU.

For the VAT-only invoice which follows, the amount of VAT that would have been paid would have to be

calculated manually, in this case it would be €2,100 at 21%.

The VAT-only invoice works simply by entering the VAT amount (€2,100) as the Total and the Total VAT,

but analysing the original net amount (€10,000) at both the relevant VAT rate and at 0%. At 0%, it is entered

as a minus figure to cancel the net amount out in the calculations and leave only the VAT amount. The

following illustration demonstrates how the entry is made:

Entry of a VAT-only invoice.

Note: There is no net amount appearing in the Analysis Categories as it is zero.

Note: This invoice, which has a zero net amount and a VAT amount, works in conjunction with the original

net-only invoice to produce a gross balance.

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Red.com V5.1 Betriebsanweisung Seite 89