Sage one accounts codes setup for market sales.

[DrDunc]

With the impending quarterly tax returns the paper ledger book will need to be retired.

On sage one (or xero) when you sell livestock and the market deducts commission plus vat, how do you enter the customer invoice?

Do I need to enter a customer record with the net invoice from the sale, and a separate supplier entry for the commission as a paid invoice? Thus it'll include the vat on the commission in the vat return calculation?

Is there a simpler way?

What are the methods of book entering levies such as the mlc on slaughter sales?

 

[opininionated]

With the impending quarterly tax returns the paper ledger book will need to be retired.

On sage one (or xero) when you sell livestock and the market deducts commission plus vat, how do you enter the customer invoice?

Do I need to enter a customer record with the net invoice from the sale, and a separate supplier entry for the commission as a paid invoice? Thus it'll include the vat on the commission in the vat return calculation?

Is there a simpler way?

What are the methods of book entering levies such as the mlc on slaughter sales?

That's how I do it in sage, bit of a faff but it does the job!

 

[former farmer]

Unfortunately very few of the Sage packages have a contra a/c facility. It is available at the top of range 'professional' level, so again Sage try to charge for what many would find useful.

The way I handle these charges is to do a Journal entry. Without trying to sound patronising, this depends on your grasp of double entry bookkeeping.

If you credit the N/c for livestock sales (in the 4000s) and debit a code (probably in the high 6000s) this charge can be accounted for. By default Journal entries are tax code T9, here where auctioneers charges will be vated, then T1 is needed.

 

[tepapa]

This is not the correct way to do it and technically not correct for VAT as it puts things in the wrong boxes so to speak but it does work, keeps it simple and the outcome is correct.

Post the sale of stock (4000) as a customer invoice. Then post the deductions( comm, levy and mlc) as a credit (in red) to the same customer account. (I have them down as 5110, 5111, 5112 but they all get lumped together nowadays.)
When you go to confirm bank payment the payment and credit/deductions can both be processed together to get the actual cheque value.

As said this is technically wrong as it posts the comm vat values as a negative in box ?? as opposed as a positive in box ?? even though the overall value is the same. Its the way I've got sage to link the two together without double the work of entering it in as a purchase and a sale.

Don't fully understand journal entries so try and stay away from them which is why I do it this way.