Microsoft KB Archive/146882

How to Track VAT for UK version of Money

PSS ID Number: Q146882 Article last modified on 12-12-1997

4.0 4.0a

WINDOWS

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= SUMMARY =

To track Value Added Tax (VAT) in Money, use a split transaction to transfer the VAT amount to a VAT account and assign a classification for the VAT rate. A transaction report can be customized to subtotal by classification to show total VAT paid and received at standard and reduced rates.

= MORE INFORMATION =

Microsoft Money does not include reports for VAT. You can’t associate a VAT rate with a category. However you can use the classifications for VAT and split the transactions.

The following steps show you how to create a VAT account and VAT classifications, enter a sample transaction, and create and save a customized report to track VAT expenses.

For example, you might buy office equipment and want to track VAT for that purchase:

Amount: $100 VAT: $ 15 Total: $115

How to Create a VAT Account and Classifications

 * 1) Click the Go To button and then click Account Manager.
 * 2) Click the New Account button.
 * 3) If asked about the Bank, click Next. Click Cash and click the Next button.
 * 4) Type “VAT” (without the quotation marks) and click Next.
 * 5) Type the number 0 (zero) for the account balance and click Finish.
 * 6) Click the Go To button and click Payees And Categories.
 * 7) Click the Classification 1 button. (Note: This step assumes you have not already created a classification.)
 * 8) Click the radio button next to the blank text box (directly underneath Job expenses), type “VAT paid” (without the quotation marks), and click the OK button.
 * 9) Click the New button.
 * 10) Type “Standard Rate” (without the quotation marks) and click OK.
 * 11) Click New.
 * 12) Type “Reduced Rate” (without the quotation marks) and click OK.
 * 13) Click Classification 2.
 * 14) Click the radio button next to the blank text box (directly underneath Job expenses) and type “VAT received” (without the quotation marks) and click OK.
 * 15) Click New.
 * 16) Type “Standard Rate” (without the quotation marks) and click OK.
 * 17) Click New.
 * 18) Type “Reduced Rate” (without the quotation marks) and click OK.

How to Enter a Sample Transaction in Account Register

 * 1) Click Go To and click Account Register.
 * 2) Click the down arrow next to your account name and click your checking account from the account list.
 * 3) Click the Check tab and click New to enter a sample transaction.
 * 4) Type a payee name in the Pay to box.
 * 5) Type $115.00 in the amount box. The number and date are already entered.
 * 6) Click Split.
 * 7) For example, type “Office Equipment” (without the quotation marks) in the Category window and press the ENTER key.
 * 8) Click the Expense radio button and then click the OK button.
 * 9) Click the amount box and change the amount to 100.00.
 * 10) Press the ENTER key to advance to the next line. Click on Transfer.
 * 11) Press the TAB key and click VAT.
 * 12) Make sure that the amount on this line is 15.00 and click Done.
 * 13) Click ENTER to enter this transaction into the Account Register.

How to Create and Save Reports to Track VAT Expenses

 * 1) Click Go To and click Report and Chart Gallery.
 * 2) Click Spending Habits and click Account Transactions.
 * 3) Click Go To Report/Chart and then click Customize.
 * 4) Click the Title window and delete the title: Account Transactions. Type “VAT paid” (without the quotation marks).
 * 5) In the Include fields area, make sure there is a check mark in the VAT Paid check box. Clear the other check boxes in the Include Fields area.
 * 6) In the Date range area, select All Dates.
 * 7) In the Subtotal by window, click the down arrow and choose VAT paid.
 * 8) Under From account, click the down arrow and choose VAT.
 * 9) Click the Select transactions radio button to bring up the Select Transaction window.
 * 10) Click the Text tab and make sure that nothing is entered in the “Find transactions with this text in any field” window.
 * 11) Click the Details tab and make sure that Transaction type is set to All Types and Status is set to Reconciled and Unreconciled.
 * 12) Click the Payee tab and make sure that All Payees is selected.
 * 13) Click the Categories tab and make sure that All Categories is selected.
 * 14) Click the VAT received tab and click the No item blank radio button.
 * 15) Click the VAT paid tab and select the All items radio button.
 * 16) Click OK.
 * 17) Click View.
 * 18) Click Add to Favorites, and type “VAT paid” (without the quotation marks) in the Report name window.
 * 19) Click OK.
 * 20) To create a report for VAT received, click Customize.
 * 21) Click the Title window, and delete the title: VAT paid. Type “VAT received” (without the quotation marks).
 * 22) In the Include fields area, make sure there is a check mark in the VAT received check box. Make sure VAT Paid and the other check boxes are cleared.
 * 23) In the Subtotal By window, click the down arrow and choose VAT received.
 * 24) Click the Select Transactions radio button to bring up the Select Transaction window.
 * 25) Click the VAT Received tab and click the All Items radio button.
 * 26) Click the VAT Paid tab and click the No Item (blank) radio button.
 * 27) Click OK.
 * 28) Click View.
 * 29) Click Add To Favorites and type “VAT received” (without the quotation marks) in the Report name window.
 * 30) Click OK.
 * 31) To find these reports, click Go To and click Report and Chart Gallery. Click My Favorites to see the list of favorite reports.

KBCategory: KBSubcategory:

Additional query words: w_money 97 UK snake

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========================================================= Version : 4.0 4.0a Platform : WINDOWS ============================================================================= Copyright Microsoft Corporation 1997.