Creating a Bill – VAT Included option?

When creating a bill, is there no way to set the figure entered being including VAT? When entering an amount at the end… VAT is added on after.

for example… When going through my bank statement this month entering bills and expenses, the statement does not does the VAT breakdown, just the total amount paid. ( I mostly use my statements instead of actually having the invoices at hand). When making a bill for each entry, I have to calculate the NET amount manually each time as the figure at the end always adds VAT.

3 answers

Peter Connor Staff March 3, 2015

Hi Richie,
No there is no way. We did have that feature and people just defaulted to 23%, which means their VAT returns would be wrong, and they’d be liable for fraud. No matter what warnings we put there we knew when the Sherif came knocking Bullet would get the blame. 
For example your phone bill has two VATable amounts, line rental and calls as does any services and product bill. 
We’ve talked about putting in a calucator which we might do to make it easier. 
Sorry we can’t automate it but that’s a key diff between some money tracking tool and an Accounting Product.
Hope that clears it up.

richie March 12, 2015

Hi Peter, I get what you’re saying, but it still could be an option as it is causing some rounding errors and then upsets the reconciliation.

For example: 
Vodafone bill on statement = €30.13

On the “add bill section”, adding:
€24.49 + VAT = €30.12
€24.50 + VAT = €30.14
€24.595 results in €30.13 in the preview, but after pressing preview it rounds up to €24.50. 

So there is no way to actually enter a bill with the correct amount while recording VAT correctly.

Sure it is only a difference in 1 cents, but it is causing two problems:

1. Doubles time to enter bills as NET amount has to be calculated each time
2. Having rounding errors increases the reconciliation time.

  1. Peter Connor March 13, 2015
    I'll have a look at that rounding for you. We'll be rebuilding the rec engine towards the end of the summer to make it more automated. It's a big project though and like everything we do in Bullet we want to execute it to our core principles.

    - Function
    - Simplicity
    - Value

    Bank Rec is a beast, but I think one we can tame it.

richie May 14, 2015

HI Guys, any update on the rounding issue? It is impossible to fully reconcile a statement if  the bill doesn’t match the statement by event one cent. What is the solution?

  1. Peter Connor May 14, 2015
    Hi Richie,

    No update on it yet. I'll ask John is there a work around, and get back to you.



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