Enter an Expenses transaction

VAT is supported in the following transactions:

• My expenses
• Staff expenses
• Expense adjustments

In these transactions, inclusive tax is the default because you most typically enter line item amounts that already include VAT.

Using My expenses as an example, these are the general steps to calculate and capture VAT in an Expenses transaction.

To enter VAT in a transaction:

1. Go to Expenses > All > Expenses select the Add (circle) beside My expenses.
2. Enter the header information and be sure to:
   1. Select the Transaction has tax implications checkbox.
   2. Clear the Inclusive taxes checkbox if the amounts that you will enter for each line item do not already include VAT. (The checkbox is selected by default.)
   If your company is configured for multi-tax jurisdictions and you are entering the transaction at the top level, select the Tax solution. Only VAT tax solutions are displayed in the dropdown list.
3. Add the line items. For each line item:
   1. Enter the Expense type.
   2. Select the Tax detail. The tax detail determines the tax rate for the expense type. The rate is applied to the transaction total to back calculate the amount exclusive of VAT.
   3. In Transaction total, enter the amount that includes VAT.

   Example: You paid 600 pounds for the purchase of supplies. The expense amount already includes VAT. The supplies were taxed at a goods standard rate.

   So, you enter 600 as the transaction total, and select a tax detail that reflects a goods standard rate. Intacct automatically calculates the tax amount as 100 and the amount without taxes as 500.