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Do we record the VAT inclusive amount in our books of accounts?

Posted 11 May 2016

GEE said:
11 May 2016 at 14:17

Do we record a Vat inclusive amount in the purchase account? e.g.. Purchased equipment for R108 300(inclusive of VAT) on credit, or do we just record the amount exclusive of VAT.

TaxTim Nicci TaxTim Nicci said:
11 May 2016 at 18:48

Exclusive of VAT as the VAT will be claimed from SARS.

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