Hi lads. I bought a van for 34k and the repayments are 534/m. I entered the 34k invoice into bullet no problem until where I was asked was the invoice paid or not and due date etc..… I didn’t know how to best handle this. Any help appreciated!

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Hi lads. I bought a van for 34k and the repayments are 534/m. I entered the 34k invoice into bullet no problem until where I was asked was the invoice paid or not and due date etc..… I didn’t know how to best handle this. Any help appreciated!

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Peter Connor ⋅ Staff September 5, 2016
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It’s a loan you need to create not an invoice. 

#answer-3977
  1. inforevamp September 5, 2016
    Do I not need to enter the invoice for VAT etc?
  2. Peter Connor September 5, 2016
    Was there VAT on loan.
  3. inforevamp September 5, 2016
    I got a loan from the Bank, paid 34000 out right to pay an invoice that contained 6500 VAT
  4. Peter Connor September 5, 2016
    I'm not sure how you'd handle this. What did your accountant say?
  5. inforevamp September 5, 2016
    They said to ask you... Its a software specific problem?
  6. Peter Connor September 5, 2016
    I just re-read your post. Why did you create an invoice. You create invoices to sell items and bills to buy items.
    I'll find out about the vat on a loan.
  7. inforevamp September 5, 2016
    My fault, I meant I created a bill/expense for the van in Bullet for the purchase invoice I received for the van
  8. Peter Connor September 5, 2016
    Did you create a recurring bill. Take your payments €34,000/€534=63 payments (that not an even divide by the way).
    The bill will allow you to claim vat.
  9. Peter Connor September 5, 2016
    The vat is just a % of the total amount like any other bill.
  10. inforevamp September 5, 2016
    That solves the problem of the 534 per month leaving my bank account but not the fact that I want to reclaim 6000 VAT in July/August P30 based on a expense of 34000 in July
  11. Peter Connor September 5, 2016
    Here is me creating a recurring http://recordit.co/H0UTHA3M06 bill.
    I'm not sure what VAT has to do with your P30. VAT is paid for by the company not employee.
    The VAT you pay on the VAT will go into your VAT Account. That then gets balanced out with the standard Bullet VAT return that we automate for you.

    VAT can't be claimed as a personal expense.
    Pete
  12. inforevamp September 5, 2016
    I'm a sole trader and I bought a van for business use? I meant to say VAT3 return not P30
  13. Peter Connor September 5, 2016
    Cool all sorted then.
  14. inforevamp September 5, 2016
    How will bullet know I am due 6000 in the automated VAT3 return if the only purchase i have entered is a recurring bill?
  15. Peter Connor September 5, 2016
    Well if you look at the video you'll see the vat gets added on with each bill, that's how it knows.
    Do you want to claim the 6k up front?
  16. inforevamp September 5, 2016
    absolutely
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Peter Connor ⋅ Staff September 5, 2016
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k. So Bullet has built the accounting logic into the workflows. We’ve picked the most common workflows, some we’ve just discussed. 
What you’re doing is outside of our workflow scope. So you’ll need your accountants to use our manual journal entries to create this and put the 6k into your vat account 
They’ll find the manual journal entries here.

#answer-3978
  1. inforevamp September 5, 2016
    OK cool thanks

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