My turn to ask a question about Sage (not normally asking about sage).
I have V12 Instants and I am going through the yr end stuff, and I have notice that I have posted a Purchase inv with Vat of 17.5% on it but the inv doesn't actually have any VAT on it. The VAt Q was done along time ago and the bank rec is done. How can I undo this? Can't get my head round it for a Friday afternoon!!! Can someone suggest what I need to do pls? The amount is total £135 on the inv so I know its not a huge sum but want it correct.
I didn't think of that one, so do you mean pos a credit note with the VAT on it and then re-invoice without the Vat on it and then match the 2 together in the bank part so one cancels out the other but deals with the VAT? Is that how I have read it?
Having a blonde friday afternoon, had a busy week and abit brain dead!
I'm don't know whether the £135 was ex vat or not. So either the payment is less than the invoice and you have an outstanding credit balance or it's just the vat account that's wrong.
Assuming it's £135 including vat, the credit note will correct the vat account and you can allocate the credit note against the correct invoice to clear the supplier account.
-- Edited by ADAS on Friday 6th of May 2011 07:29:07 PM
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
Personally I wouldn't go to all that trouble. If the supplier account is clear, the bank is reconciled and the VAT is done, all you need to do is post a manual adjustment for the next VAT return.
When you run the VAT return and click Calculate there is then an Adjustments button where you can enter manual adjustments.
Come to think of it, you're on version 12, not sure if this option is available! If not, do it the way Tony said...lol
If not, do it the way Tony said...lol
