My bank has deducted costs and interest charges from my account. How do I enter this as an expense if there is only one amount? What do I fill in for excl. VAT and incl. VAT?
Our platform has all the tools you need to do your accounting yourself.
Our platform has all the tools you need to do your accounting yourself.
Our platform has all the tools you need to do your accounting yourself.
Our platform has all the tools you need to do your accounting yourself.
My bank has deducted costs and interest charges from my account. How do I enter this as an expense if there is only one amount? What do I fill in for excl. VAT and incl. VAT?
I have recorded all of this under the cost category 'various financial costs and bank charges'; simply search for 'bank' in the cost categories.
If there is VAT on it (for part of it), fill in the amount excluding VAT and the amount incl. VAT. The rest will take care of itself, right? :)
Or if there is no VAT on it (check your bank statement for this), fill in the same amounts excluding and incl. VAT for the amount they have debited from your account.
Thank you for your answer! It's not clear to me from the ING documents. I can't add a photo to show you. The amounts are €79.56 and the ING bank statement states:
"not subject to VAT: -36.00(0)
vAT 21% on: - 36.00 (1)
€7.56"
Dear Sir/Madam,</
I have also entered this myself as follows (using your example): bank charges 72 EUR excl. VAT and 79.56 EUR incl. VAT
Why €72 excl. VAT? When you deduct the VAT from the amount of €79.56 (which I assume is incl. VAT), I arrive at an amount of €65.75.
If I read your post from 4 January in a good way, part of your costs is not subject to vAT. The vAT was only calculated on 36 euros and not on the full amount. If you calculate 21% on 36, you get 7.56 euros, exactly what is stated on the summary. So you fill in 72 (= 2*36) without vAT and 79.56 incl. VAT. Dexxter does the rest itself.
OK, I acknowledge that, but why do you multiply 2 x 36?
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.