Net / Gross Tax entries

[dpeace]

I'm still discovering great things about this software.

I wonder if I've missed something, though. It would be very useful to have the ability to enter a gross amount into an expenses entry, and have the option (perhaps a gross / net toggle) to invoice it at the net value. As an example, I've just added lots of items as chargeable expenses, but my purchase invoice only lists individual items including (in my case) VAT. The purchase invoice breaks down the invoice total, but not the individual items on it.

As I need to invoice net of VAT to my clients, I need to enter such items net so that the VAT is added during my Time Master invoice run (I charge these items at cost). I've needed to work out the net prices manually, and having the ability to do this within Time Master would save me a lot of time.

Can Time Master do this?

Darren

[Adam]

I'm still discovering great things about this software.

I wonder if I've missed something, though. It would be very useful to have the ability to enter a gross amount into an expenses entry, and have the option (perhaps a gross / net toggle) to invoice it at the net value. As an example, I've just added lots of items as chargeable expenses, but my purchase invoice only lists individual items including (in my case) VAT. The purchase invoice breaks down the invoice total, but not the individual items on it.

As I need to invoice net of VAT to my clients, I need to enter such items net so that the VAT is added during my Time Master invoice run (I charge these items at cost). I've needed to work out the net prices manually, and having the ability to do this within Time Master would save me a lot of time.

Can Time Master do this?

Hi Darren,

I cannot say I'm an expert on VAT, but if I understand it correctly, and let me know if this will work or not, put your Net value for the Price.  When creating an invoice, you will probably need to use both the "Tax" and "Alternate Tax" fields.  Then it should calculate the proper taxes on the Expenses.  You need to make sure that the Expense is marked as Taxable (and reimbursable).  This can be defaulted in the Client record as well as the primary and secondary taxes, so when you create Expenses and Invoices, they will properly fill in.

Please let me know if this will work or if I'm missing something?

Cheers,
Adam.