How to Track VAT for UK version of Money
  
PSS ID Number: Q146882
Article last modified on 12-12-1997
 
4.0 4.0a
 
WINDOWS
 

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4.0 4.0a
WINDOWS
 
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The information in this article applies to:
 
 - Microsoft Money versions 4.0, 4.0a for Windows 95
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SUMMARY
=======
 
To track Value Added Tax (VAT) in Money, use a split transaction to
transfer the VAT amount to a VAT account and assign a classification
for the VAT rate. A transaction report can be customized to subtotal
by classification to show total VAT paid and received at standard
and reduced rates.
 
MORE INFORMATION
================
 
Microsoft Money does not include reports for VAT. You can't associate a
VAT rate with a category. However you can use the classifications for
VAT and split the transactions.
 
The following steps show you how to create a VAT account and VAT
classifications, enter a sample transaction, and create and save a
customized report to track VAT expenses.
 
For example, you might buy office equipment and want to track VAT for
that purchase:
 
   Amount:    $100
   VAT:       $ 15
   Total:     $115
 
How to Create a VAT Account and Classifications
-----------------------------------------------
 
1. Click the Go To button and then click Account Manager.
 
2. Click the New Account button.
 
3. If asked about the Bank, click Next. Click Cash and click the Next
   button.
 
4. Type "VAT" (without the quotation marks) and click Next.
 
5. Type the number 0 (zero) for the account balance and click Finish.
 
6. Click the Go To button and click Payees And Categories.
 
7. Click the Classification 1 button. (Note: This step assumes you
   have not already created a classification.)
 
8. Click the radio button next to the blank text box (directly
   underneath Job expenses), type "VAT paid" (without the quotation
   marks), and click the OK button.
 
9. Click the New button.
 
10. Type "Standard Rate" (without the quotation marks) and click OK.
 
11. Click New.
 
12. Type "Reduced Rate" (without the quotation marks) and click OK.
 
13. Click Classification 2.
 
14. Click the radio button next to the blank text box (directly
    underneath Job expenses) and type "VAT received" (without the
    quotation marks) and click OK.
 
15. Click New.
 
16. Type "Standard Rate" (without the quotation marks) and click OK.
 
17. Click New.
 
18. Type "Reduced Rate" (without the quotation marks) and click OK.
 
How to Enter a Sample Transaction in Account Register
-----------------------------------------------------
 
1. Click Go To and click Account Register.
 
2. Click the down arrow next to your account name and click your
   checking account from the account list.
 
3. Click the Check tab and click New to enter a sample transaction.
 
4. Type a payee name in the Pay to box.
 
5. Type $115.00 in the amount box. The number and date are already
   entered.
 
6. Click Split.
 
7. For example, type "Office Equipment" (without the quotation marks)
   in the Category window and press the ENTER key.
 
8. Click the Expense radio button and then click the OK button.
 
9. Click the amount box and change the amount to 100.00.
 
10. Press the ENTER key to advance to the next line. Click on Transfer.
 
11. Press the TAB key and click VAT.
 
12. Make sure that the amount on this line is 15.00 and click Done.
 
13. Click ENTER to enter this transaction into the Account Register.
 
How to Create and Save Reports to Track VAT Expenses
----------------------------------------------------
 
1. Click Go To and click Report and Chart Gallery.
 
2. Click Spending Habits and click Account Transactions.
 
3. Click Go To Report/Chart and then click Customize.
 
4. Click the Title window and delete the title: Account
   Transactions. Type "VAT paid" (without the quotation marks).
 
5. In the Include fields area, make sure there is a check mark in the
   VAT Paid check box. Clear the other check boxes in the Include
   Fields area.
 
6. In the Date range area, select All Dates.
 
7. In the Subtotal by window, click the down arrow and choose VAT
   paid.
 
8. Under From account, click the down arrow and choose VAT.
 
9. Click the Select transactions radio button to bring up the
   Select Transaction window.
 
10. Click the Text tab and make sure that nothing is entered in the
    "Find transactions with this text in any field" window.
 
11. Click the Details tab and make sure that Transaction type is set
    to All Types and Status is set to Reconciled and Unreconciled.
 
12. Click the Payee tab and make sure that All Payees is selected.
 
13. Click the Categories tab and make sure that All Categories is
    selected.
 
14. Click the VAT received tab and click the No item blank radio
    button.
 
15. Click the VAT paid tab and select the All items radio button.
 
16. Click OK.
 
17. Click View.
 
18. Click Add to Favorites, and type "VAT paid" (without the
    quotation marks) in the Report name window.
 
19. Click OK.
 
20. To create a report for VAT received, click Customize.
 
21. Click the Title window, and delete the title: VAT paid. Type "VAT
    received" (without the quotation marks).
 
22. In the Include fields area, make sure there is a check mark in the
    VAT received check box. Make sure VAT Paid and the other check
    boxes are cleared.
 
23. In the Subtotal By window, click the down arrow and choose VAT
    received.
 
24. Click the Select Transactions radio button to bring up the
    Select Transaction window.
 
25. Click the VAT Received tab and click the All Items radio button.
 
26. Click the VAT Paid tab and click the No Item (blank) radio
    button.
 
27. Click OK.
 
28. Click View.
 
29. Click Add To Favorites and type "VAT received" (without the
    quotation marks) in the Report name window.
 
30. Click OK.
 
31. To find these reports, click Go To and click Report and Chart
    Gallery. Click My Favorites to see the list of favorite reports.
 
KBCategory: 
KBSubcategory:
 
Additional query words: w_money 97 UK snake
 
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Version           : 4.0 4.0a
Platform          : WINDOWS
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Copyright Microsoft Corporation 1997.