Can somebody please help. I use sage for my VAT returns however this time when I calculate it comes up with the message 1745 transactions found but 918 unreconciled and before period. The question is do I include these or not and if not why?
This can happen if you forgot to set the reconciliation flags at the end of the previous VAT return, then answered Yes to the prompt to include un-reconciled transactions from before the specified date range.
If you think this could be the cause, I can suggest a remedy.
Quick check, look for "R" flag in transactions in Audit trail; if reconciled, previous VAT return should be listed in the VAT window.
Phil
-- Edited by PhilMcTankup on Wednesday 6th of October 2010 10:04:26 AM
-- Edited by PhilMcTankup on Wednesday 6th of October 2010 10:05:17 AM
Hi there, have you input a lot of invoices after that VAT return was processed but the invoice dates were within that VAT period, and hence they have not been VAT reconciled yet.
Hi there again, I have found a good article on ask sage help if you want me to email it to you, let me know. Re unreconciled transactions before a period. Just let me have your email address it you want me to. Thanks
I would suggest saying 'yes' to include the transactions, print off the detailed report and compare to last quarters detailed report to see if they have been duplicated. If so, just deduct all the figures from last quarters vat boxes from this quarters.
There is a FAQ on this in my Sage workbooks, which seems to say same as you do Rob/Sheila but with more words:
- run+print VAT return for previous period, compare it to VAT return done at the time, differences will be late entries and incorrectly dated transactions, note and add manually to current VAT return
- run previous VAT return again, this time set reconciliation flags
- current VAT return will now only find current transactions
