Reverse charges - Bank Payments
We deal with a lot of Suppliers in the EC and on our old Accounts system we could post as a Bank Payment and select it was a Supplier from another EC country, this would then deal with Reverse Charges for VAT automatically.
It appears on Kashflow you have to raise them as a Supplier Account and deal with them that way, which is a lot more long winded and as we have a lot is not the best way to process
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Having used lots of other accounting systems (and currently helping clients with 5 cloud apps) I'm finding the area of these differing account types the most weird to cope with.
In my case, my client was posting these payments to bank type expense codes, with suppliers marked as EU and KF has been treating them as purchases of EC Goods, thus completing boxes 2 & 9 of VAT returns rather than treating them as reverse charge.
It was only when I changed the type to "outgoing" (ie for purchases) that I was allowed to edit it and discovered that KF defaults to making all EU supplier transactions goods rather than services, so I untick the checkbox and the payments are now recognised as reverse charge services.
Fortunately a KF experienced accountant had already advised me to tick the checkbox on the chart of accounts to make all code types available to any area and so a bank payment can be put to an "outgoing" type account.
So, unless you have already done so Jane, I suggest this will solve your problem.
When I queried why KF defaults EU expenditure to goods rather than services, they said that the majority of their users buy goods from the EU rather than services, something I find difficult to believe.
Whichever, what I can't understand is why, if a bank type code is defaulted to "goods" the user can't see the default and change it (without first changing it to Outgoing)?