Not the best feeds i have experienced v's other software vendors. This can be improved dramatically and become more time efficient.
With VAT registered companies under accruals basis the "transactions from my bank" are imported correctly with the date, reference (although this should be in the details sections ) and the whole number ie the bank payment amount.
However, when i'm creating a bank payment under actions under the right hand pane, the number is split between net and vat amount using the t1 tax code . This does not seem logical as a company using the bank payment function will usually require to make 100's of payments that are the imported as whole number amounts such as salary payments, tax payments, bank charges, rent and rates, travel payments, abroad payments - the list goes on and on.These tx's will require t0 or t9 tax codes and not a t1 tax code.
Currently by splitting the whole number into net and vat amount, time is wasted by grossing back up and the whole experience of using bank feeds becomes redundant. Using bank payments for VAT payments (ie splitting net and VAT amounts) are used 5% of the time for companies registered on accruals basis for VAT. PLUS the download of the description should go to details and not reference.
As an experienced accountant, there is absolutely no use splitting the whole number into net and vat amount.You would use the supplier function to enter VAT information for supplier invoices (entering the required VAT amount and vat invoice reference).
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