43 lines
1.5 KiB
Plaintext
43 lines
1.5 KiB
Plaintext
; from https://plaintextaccounting.org/VAT
|
|
|
|
|
|
; Recording a Purchase with VAT (Input VAT)
|
|
; Example: Buying office supplies for £100 with 20% VAT.
|
|
|
|
2025-01-01 * Purchase office supplies
|
|
expenses:office supplies £100
|
|
assets:vat:input £20
|
|
assets:cash -£120
|
|
|
|
; Recording a Sale with VAT (Output VAT)
|
|
; Example: Selling goods for £500 with 20% VAT.
|
|
|
|
2025-01-02 * Sale of goods
|
|
assets:cash £600
|
|
income:sales -£500
|
|
liabilities:vat:output -£100
|
|
|
|
; Balancing VAT at the end of the Period
|
|
; Example (VAT Payable): Output VAT is £100 and Input VAT is £20.
|
|
|
|
2025-01-31 * VAT adjustment
|
|
; consolidate smaller into larger
|
|
assets:vat:input -£20 = £0
|
|
liabilities:vat:output £20
|
|
; convert to a payable or receivable
|
|
liabilities:vat:output £80 = £0
|
|
liabilities:vat:payable -£80
|
|
|
|
; Settling VAT
|
|
; Example: Paying the above £80 VAT payable.
|
|
|
|
2025-02-15 * VAT payment
|
|
liabilities:vat:payable £80 = £0
|
|
assets:bank -£80
|
|
|
|
; If VAT was receivable, the business would receive a refund from the tax authorities instead.
|
|
|
|
; 2025-02-15 * VAT refund
|
|
; assets:vat:receivable -£80 = £0
|
|
; assets:bank £80
|