Can iBank 4 deal with VAT? Can one set different rates of VAT for business related income and expenditure categories and produce VAT reports?
- Asked by Ian S
- Dec 28, 2010
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3 Answers from the Community
I use MS Money for VAT and due to its decline have tried iBank 4 as an alternative to see if it can do the same. Unfortunalely, 'no' to both your questions.
- Answered by Robert S
- Dec 30, 2010
You may have some flexibility in this regard, if you simply treat VAT as "tax," as opposed to a UK-specific system of taxation. You could conceivably enter each income- or expense-related transaction as a split, categorizing (or subcategorizing) each part of those transactions in such a way that would allow you to generate relevant reports. It's hard to know whether this might be a practical workaround in your situation without knowing how many transactions are entailed. If it's relatively few, this might be fine; if you're actively running a successful business, your accounting needs may soon surpass iBank's intended capabilities.
- Answered by Scott B from Putney
- Jan 5, 2011
Thank you both for your advice.
- Answered by Ian S
- Jan 6, 2011