We are an Academy and have had to process lots of parent refunds for cancelled school trips. We are also VAT registered and partially exempt. The refunds are processed as VATable payments with an outside the scope VAT code in order for them to be captured within our VAT analysis. This is required for our partial exemption calculation. However these transactions appear as purchases rather than negative income which means that we have to manually adjust for these before doing our partial exemption calculations. Could something be added to allow us to identify these as refunds (i.e. negative income within our VAT analysis)?
Guest
Nominal VATable Payments reversed should be shown a negative purchases in the VAT Return
Merged