Hi there, just a quick question once I have completed the vat return on sage (instants) to reconcile this do I just click reconcile? and what will this actually do?as I completed the return last week and filed it online etc, I have now entered more in to sage, but obviously after the vat period so I am hoping when I go in to the vat again to reconcile it, it will contain the same figures as I have filed online. I unfortunately cannot go back over my course books because regrettably I sold them : (
Thank you in advance for your help, fortunatley next week I'm going on a vat course so HOPEFULLY I will not have to keep bothering people on here about VAT.
It will mark all transactions as being reconciled so they will not be picked up again in a vat return. With the transactions you have entered after the vat period - if the dates of these transactions are after the vat period they will not be picked up.
When you calculate your VAT Say 1st June to 30th June then finish doing your VAT return then just press the reconcile button and also archive. When you have finished go into VAT wizard and follow proceedings, this will adjust your sales and purchase tax control and put the difference into your Vat liability a/c which will then clear it for the next month, otherwise sales/purchase will keep adding up, but it wouldn't effect your VAT. if you receive a late invoice then put the date as the 1st of the next month so your VAT rolls over to the next month. Some people don't reconcile untill a couple of months later, you can always go back into it.
