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VAT handlin | iCash ▸ Frequently Asked Questions

VAT handlin

iCash ▸ Frequently Asked Questions

Compatible with MS Windows Compatible with MacOS

VAT handling
You can handle VAT (Value Added Tax) two ways:

1.- Use the Tax field to write the VAT amount and then select the tax type pull-down menu. As you know we have the VAT we pay and the VAT we collect. That is the easiest and fastest way to add simple VAT information as you only need to create a single transaction. iCash Query panel lets you search that field and VAT tax report is created thanks to it. The drawback is when the invoice includes more than one VAT type, other government taxes, shipment, shipment VAT and so on. In such case second method is far more powerful.

2.- Write 2 transactions and group them. First transaction corresponds to the amount without VAT and second transaction to the VAT itself. Needless to say you have to add two new accounts, 'VAT payed' and 'VAT collected' to the 'Liabilities' category. Usually you will get the 'VAT payed' refunded and owe 'VAT collected' to the government.

An outgoing invoice will look like this:

Day Type Origin Account Target account
1 Sale My client My bank
1 Sale My client VAT Collected

An incoming invoice will look like this:

Day Type Origin Account Target account
1 Transfer My bank My provider
1 Transfer My bank VAT payed

That way you can add as many VAT types, taxes, shipment or whatever. Once all the transaction have been created, select and group them ('Transaction | Group' menu). As a result you will get a single transaction for the total amount you can expand to see details. This is known as a split. Note that conventional accounting use this approach as well. Again you can Query transactions using VAT accounts and create reports using the account statement and selecting the VAT account.

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iCash is a software intended to control your personal finance, keeping track of incomes, expenses, credits, debts and Banks transactions for you. As simple as creating the accounts you need and move money between them! You don't even need to know about accounting or even care about it! Your finances depends largely on good organization that lets you know where your money comes from and to where it goes.

iCash is an easy-to-use, full featured and multi-purpose Personal Finance Manager tool for macOS and Windows intended to help you control all kinds of money issues. iCash can serve several small accounting needs for either private users, or clubs, associations, self-employed, small businesses or simply to be used at home, making keeping track of incomes, expenses and Banks transactions a snap.

With a few clicks you can begin creating accounts and making transactions in minutes. iCash is versatil and user-friendly. For this reason it doesn't use the principle of double-entry bookkeeping making it much easier to be used by people with very little or no accounting knowledge at all.

Simply create accounts for all your expenses, incomes, Banks... and start moving money between them! iCash will then allow you to find out where all your money comes from and where it goes. All accounts are well organized according to user-defined categories and built-in types so reports can be tailored to include all records or only ones meeting specified criteria.

Cash also allows you to have as many money manager documents as necessary so you can control almost anything from Clubs, associations, home and so on at the same time.

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