In the fourth part of this small business bookkeeping video tutorial, I will show you how to convert the current small business bookkeeping system into a VAT bookkeeping system.
Bookkeeping for Small Business – Excel Tutorial – Part 4 – VAT Calculations video tutorial
We will modify the previous spreadsheets we created in Parts 1, 2 and 3 to include VAT calculations.
You can view the other 3 Excel bookkeeping tutorials below:
- Bookkeeping for Small Business – Excel Tutorial – Part 1 – Invoice Tracking
- Bookkeeping for Small Business – Excel Tutorial – Part 2 – Invoice Template
- Bookkeeping for Small Business – Excel Tutorial – Part 3 – Expenditure Tracking
Watch my free video tutorial for small business bookkeeping part 4 – VAT Calculations.
Video tutorial - Bookkeeping for Small Business - Excel Tutorial - Part 4
Bookkeeping for Small Business FAQs
What is the correct formula for calculating VAT in Excel?
You can also manually calculate adding VAT by multiplying the ex-VAT cost by 1 + VAT Percentage.
Example:
- Ex VAT Cost = £40.00
- VAT Percentage = 20%
- VAT Calculation: £20.00 x 1.2 = £48.00 inc VAT
Excel Formula VAT example: Cellx*1.2
Is there a free tool to check VAT calculations online?
Yes, you are in luck! I have created a free online VAT calculator which you can use to double-check your VAT calculations.
Add VAT Calculator Demo
What are the alternatives to this small business bookkeeping solution?
You can find many other paid subscription accounting software applications like QuickBooks or Xero that can be used for bookkeeping.
The goal of these tutorials is to try and help you keep your costs low so you can invest more into marketing your business.
If you are running an online shopping business then it is worth investing in Quick Books or Xero which can directly integrate into a WooCommerce Shop or Shopify websites.
Tip: Ensure your VAT formulas added to the bookkeeping spreadsheets are correct. You can use my free VAT calculator to verify your VAT calculations.
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