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Post Info TOPIC: VAT error on Sage Instant - how to correct the Purchase Tax Control Account
Tom


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VAT error on Sage Instant - how to correct the Purchase Tax Control Account
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Hi

I have a small error in VAT.  I've located it to a posting (petty cash (1230) where I posted VAT on a repairs and renewals item that shouldn't have had VAT on it.  I realised this but only after I had reconciled the VAT.  I found there was a balance on the Purchase Tax Control Account,  (2201).  I have now corrected the repairs and renewals posting (through File - Maintenance - Corrections) but does anyone know how I should correct the VAT account (2201)? is it acceptable to do a journal ?

Many thanks in advance. 



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MarkS


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Hi Tom

From what you are saying you have overclaimed VAT on repairs when there shouldnt have been any VAT on it.

If you have amended the posting by changing so that the net amount is the total (ie no VAT) then the easist way to adjust would be be manually adjust next quarters VAT return for the VAT that has been wrongly reclaimed.

MarkS



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
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