vat

[tasteofvietnam]

Hi All,

I start running a restaurant from 05/12/2019

 im using wisdom accounting

2700 outgoing VAT high rate: is this using when selling foods that dine in?

Account VAT code Debit Credit

3020 - Revenue - Mama pho VAT High	02 (25%)		6 964.16
2700 - Outgoing VAT, high rate	02 (25%)		1 741.04
3030 - Revenue - Teaology VAT medium	06 (15%)		28, 277.78
2702 - Outgoing VAT, medium rate	06 (15%)		4, 241.67
3032 - Revenue - Mama pho VAT medium	06 (15%)		19 270.09
2702 - Outgoing VAT, medium rate	06 (15%)		2,890.51
1501 - Undeposit Fund		63 385.25

For purchasing stocks to cook: I will record

Account VAT code Debit Credit

1920 - Bank Account Bank deposits			999.91
4000 - COGS-	06 (15%)	869.49
2712 - Input VAT, medium rate	07 (15%)	130.42

[Anonymous · Accepted solution]

Hi

On your purchases you must deduct the VAT rate stated on the invoice, Food is 15% VAT deduction

When you sell the goods, there is 25% VAT if the food is eaten in your premises and 15% if the food is taken out.

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Med vennlig hilsen
Visma Mamut AS
Jørn Karlsen