How to Record VAT Received

Value Added Tax (VAT) is a consumption tax levied on the sale of goods and services.

How to record VAT Received

Step 1: Access your Simplebks account by visiting www.simplebks.com.

Step 2: Navigate to the "Transactions" section on the sidebar and select "Add New Records."

Step 3: Fill in the necessary details:

• Transaction Date: Input the date of the transaction.

• Description: Provide a brief description of the transaction.

Step 4: Specify the transaction details:

• Transaction Type: Choose "Money In" to indicate receiving funds.

• Category: Select "VAT Received" to categorize the transaction appropriately.

Step 5: Identify the source of the funds:

• Enter the Account: Indicate whether the funds are received in cash (cash given out) or through a bank (mention the specific bank, e.g., Ecobank).

Step 6: Additional information:

• Enter the Entity Name: Specify the name associated with the transaction.

Step 7: Confirm the transaction:

• Click on "Create Transaction" to finalize the entry.

Step 8: Transaction success:

• Receive confirmation that the transaction has been created successfully.

Step 9: Document the transaction:

• Click on "Print" to obtain a physical copy or download the receipt as a PDF.

By following these simple steps, you can accurately record VAT received in your Simplebks account.