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MTD Purchase invoices - do they have to be individual?

  • Member
  • Practice Licence
  • 16 posts
  • # 117549

Sorry if this has already been asked but im getting conflicting information and I cant see the answer anywhere. Do separate invoices have to be entered for a purchase invoices or can it just be taken off the monthly supplier statement as long as the VAT is correct? im thinking of a plumbers who may make 5 purchases a day from a Plumbers merchant for example?

  • Fellow PM.Dip
  • Practice Licence
  • 34 posts
  • # 117554

Hi Tina

You should post each invoice individually. This will do two things:

  1. Prove that the goods were purchased as you have a copy of the invoice either stored as a hard copy or uploaded to your accounts program
  2. Help you reconcile the supplier's statement each month with what you have in the accounts

I know it is tedious when there are so many invoices on the same day, but it is the correct way to do bookkeeping! The effort is worth it if there is an invoice missing too! 

I hope this helps!

Kind regards

Hazel

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