Reporting EC Purchases
Accounting Plus has several reports that analyse purchases made using EC Purchase VAT codes. The effect of these VAT codes on these reports are as follows:
- The VAT (Detail), VAT (Summary), VAT (Detail-Cash), VAT (Summary-Cash) reports analyse the VAT on transactions, grouped together by VAT code. Reports customised to include an EC Purchase VAT code will show the amount of VAT that you would have paid had you purchased in the UK, calculated using the EC Reported Rate percentage that you entered when creating the VAT code.
These "notional" amounts will appear on the report with an asterisk beside them to indicate that it is an amount that is not actually payable.
- The VAT Return and VAT Return (Cash) reports have several boxes that are affected by EC Purchase VAT codes.