Calculate the net amount from the gross
This explains how to enter transactions when you only know the gross amount (including VAT).
Just enter the gross in the Total field and press Enter. We calculate the net and tax amounts for you.
This is useful when you want to categorize a sale to more than one category, but only know the total amount including tax.
From Banking, open the relevant bank account.
Choose the Other Receipt tab.
Enter the details including the total amount.
Enter the details of the first line, including the category and description.
Make sure the VAT rate is correct.
Tab to the Total and enter the gross amount. Tab again or press Enter. We update the net and tax amounts for you.
Repeat for all subsequent lines.
This also applies when entering a Refund for a sale.
If you use products and services, you can set a tax inclusive sales price on individual product or services, allowing you to calculate the net from the gross amount.
Set tax inclusive sale prices on products and services
From Products and services, choose an item from the list or select New item to create a new one.
From the I sell this item section, enter the sales price and then select the Includes tax? check box.