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Old 02-09-2018, 03:14 PM
samianbah samianbah is offline
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Join Date: Jan 2018
Posts: 1
VAT for non vat based qbooks

Hello, have a few issues tryuing to resolve.

1. i dont create invoices for customers so we are cash based mostly
2. when i input the cash received, i do it the following ways.
a. check / credit card / cash is deposited to bank account
b. journal entries are entered eg.
DR : CASH ( $100 )
CR : VAT OUT ( 7.5% )
CR : AR_ASSET_ACCOUNT ( $92.50)
then i end up with negative AR _ ASSET

i then create another JOURNAL ENTRY
eg.
DR: AR_ASSET _ACCTONT
CR: Bank Account.

does this look right or is there a better way?
thank you
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