When I buy something that has VAT included, how do I account for the VAT when I enter the expense?

When I buy something that has VAT included, how do I account for the VAT when I enter the expense?

2 answers

Peter Connor Staff February 15, 2016

You just enter the total including VAT. 
The idea of being VAT registered is that you can claim that VAT paid (bills) against VAT charged (invoices you sent). 

  1. So if I spend 75 euros (14 being VAT) and I enter the 75 there is no record of the VAT paid (14). Is that correct? If so, how does one account for all the VAT paid over a month of expenditures?
  2. Peter Connor February 15, 2016
    You don't you're not VAT registered. It's just a big bill to you. Everything you need is built into the Bullet workflows. We're different to other accounting products in that we've built the accounting logic and knowledge into those workflows so you don't have to think about it.
    Just follow the workflows
  3. Ok, it is because I didn't indicate being VAT registered that I don't get that workflow. Got that. So, how do I go back now and indicate VAT registered? I would like to look at that workflow?
  4. Peter Connor February 15, 2016
    Are you VAT registered?
  5. not currently but will be later and I would like to know now how all the features work if were going to use Bullet into the future
  6. Peter Connor February 15, 2016
    We can't flick you on and flick you off. Nothing changes you just get a dropdown for VAT and a VAT return created.
    What about the question concerning PayPal and shopping carts?
    We don't integrate with shopping carts. You can add Paypal to your Invoices.
  7. The VAT workflow. Have you got a video or tutorial showing how that works?
  8. Back to Paypal for a second. I looked at Invoices to see how I might add Paypal but I don't understand how. There could be say 100 transactions there for a month, for example. Please explain how I might add Paypal to my invoices and if that is the means of getting those hypothetical transactions into Bullet. Thanks
  9. Peter Connor February 15, 2016
    If you click on Invoice Setting you'll see a link on the right for Payment Options.
    Taking payments is part of our Enhanced Invoicing app which is €9.99 per month. We don't charge a % of the transaction.
    Here is how Stripe works, Paypal is the same.
    Tks Pete
  10. OK, I understand now how that works. That would work well for anything invoiced from Bullet.
  11. Peter Connor February 15, 2016
    I don't understand
  12. works well for any invoice generated in Bullet and sent to a customer.
  13. Peter Connor February 15, 2016
    They all work the same. If you want Paypal us Paypal, Stripe, Stripe.
  14. Yes, Pete. I think I understand that.
  15. Peter Connor February 15, 2016
    Sorry I don't understand your question. If you want online payments use Stripe or Paypal. They both have pro's and con's, it's really up to you and what you prefer.
  16. I do now understand how the invoicing works with Stripe or Paypal, i believe. I looked at the video. I was just trying to let you know that. I thereby came to understand that transactions in Paypal (resulting from sales on an eCommerce shopping cart) can probably only be handled by manually inputting each, assuming I could set up an account in Bullet to represent Paypal. I thought that but didn't want to bother you further with the matter. I wasn't really looking for an integration with the shopping cart as Paypal would have additional transactions beyond those coming from the shopping cart. To me Paypal is like an account where I can periodically transfer the funds to a traditional bank account.
  17. Peter Connor February 15, 2016
    Ah cool no worries on the questions. We'll probably allow you to sync your paypal account soon.
    Hope that helps.

  18. one last question, if you don't mind. I tried using the Google Drive feature to attach a document and I think what I'm seeing is a list of files that are not in folders/ sub folders. Is there a way to navigate to the folder where I would like to store the documents? For example I have folders for different clients and I share some of these folders with clients. Pointing to those documents would be powerful. BTW. If you do get to sync PayPal it will open up a large new customer base (ecommerce with many transactions). Just my opinion.
  19. Peter Connor February 15, 2016

    We don't link from the public side of the invoice to the documents attached - they're designed more for reference for you.
    But, we'll change that in the future.
    You can just attach a link in the notes of the invoice to the Google doc. Nice and simple.
    Thanks P
  20. fair enough. That works
  21. Sure no problem
  22. Peter Connor February 15, 2016
    Pete, I'm moving on to reconciling the Bank transactions. I selected all recent transactions and exported to csv but got the following error File 'Transaction_Export_01.01.2016_16.42.csv' contained invalid data for bank: AIB. See error message above. The error above reads as follows: Cannot Import File
    There was a problem with the imported file: Invalid header. Looking at the csv with Excel I seem to have the following header.... Posted Account Posted Transactions Date Description Debit Amount Credit Amount Balance Posted Currency Transaction Type Local Currency Amount Local Currency.
  23. Peter Connor February 15, 2016
    Any advice on what to do with the aforementioned issue?
  24. So invaded headers means just that. The title of your column is wrong.
    Is that an AIB export you're looking to import?
    Did you modify the file at all?
  25. Peter Connor February 15, 2016
    yes, it is AIB and No i did not modify it
Peter Connor Staff February 15, 2016

Have a look at this 

  1. I did everything you said but it still had an error. Then I decided to just import that very sample csv file available for download from Bullet (example-transactions.csv). In that case I get the same error. So, Im not having success. I will attach my own sample csv file in case that helps
  2. Pete, The supplied sample IS working. Just ignore the last message for now
  3. Peter Connor February 15, 2016
    Cool will do.

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