VAT - Excel Document
mercman1969
Posts: 871 Forumite
in Techie Stuff
Hi all,
Friend of mine is in charge of running a small rest room tea bar.
He has an excel document which he has been using to administer the accounting for this.
All was fine until he had the bright idea of using bookers as opposed to ASDA to purchase stock
now the problem is that some of the stuff is chargable for VAt and some isnt
What, if any is the best way to update his document to account for VAT?
is it as simple as a autosum formula? if so, how?
Regards
Pete
Friend of mine is in charge of running a small rest room tea bar.
He has an excel document which he has been using to administer the accounting for this.
All was fine until he had the bright idea of using bookers as opposed to ASDA to purchase stock
now the problem is that some of the stuff is chargable for VAt and some isnt
What, if any is the best way to update his document to account for VAT?
is it as simple as a autosum formula? if so, how?
Regards
Pete
0
Comments
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If I read your post correctly, then a simple way to calculate VAT on excel is to multiply the net figure by 1.175
So if the net figure is in cell A1, the formula is =a1*1.175 which will give you the gross figure (including vat). To strip out the VAT and return to the net figure divide by 1.175 hence =a1/1.1750 -
I'd have three columns for the amount:
Net, VAT and Gross
Net - obviously free from VAT.
VAT - show the VAT amount if there is any (you can auto calc this from using net*17.5/100
Gross - have this totalling the Net and VAT columns.
Obviously if there is no VAT on the item, put a zero in the VAT column so the net and gross show the same value.
As this is food related, there may be different VAT rates applicable, so you might want a 4th column to show the VAT rate.0 -
mercman1969 wrote: »All was fine until he had the bright idea of using bookers as opposed to ASDA to purchase stock
now the problem is that some of the stuff is chargable for VAt and some isnt
Is all the information not on the VAT receipt from Bookers? And if he does not have a VAT receipt he should ask for one. The VAT receipt will detail how much as been bought at the different VAT rates i.e. the net and VAT amounts for each category.Today is the first day of the rest of your life0
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