Does anybody know why my Company Sales and Purchase Invoices do not show up in the VAT return report?
Ive check it million times, and I don't find a fault.
I'm a student and I've been doing my homework at home but my reports are not the same as the ones I've done at the college. Have to say I can't show my tutor what I worked on because my homework can't be opened at the college.
I assume you mean that they are not showing up on the balances for the nominal codes for Creditors' Control a/c and Debtors' Control a/c.
You don't say what system you are working on, but could it be that the invoices have to be posted to the ledgers as a separate step after creating and printing them?
Other possibilities: you have failed to save the invoices, or have only recorded them as debits/credits to individual customers/ suppliers and not on the Debtors' Control and Creditors' Control.
Maybe if you haven't "registered" that customer or supplier on your system then recording and invoice to/from the original meants that it does not transfer it to the Debtors' Control or Creditors' Control.
Well, isn't that the definition of the cash accounting scheme - that unlike the usual arrangement, you don't take account of invoices yet to be paid, it's only cash that matters?
Monica, I had thought I had replied to you but my reply seems to have been lost. What I wanted to say was, if you are working with the VAT cash accounting scheme, isn't the whole idea of the cash accounting scheme that (unlike the usual system) the invoices won't show up? In other words, only cash payments and receipts count, not invoices owed but not yet paid.
Thank you everybody for trying to help. I've sorted it out finally, I was so frustrated it wouldn't come up right I couldn't think straight anymore. So I took a break, then I realised it was easy, I wasn't posting any transactions wrong, was the Vat Scheme. College work was on Std Vat Scheme, my one at home Cash Acc Scheme. What a headache it has given me. It has come out perfect. I'm happy now. Thank you again everyone.
Yes I've realised that. At first I didnt't thought of it, because I really thought we was working on the VAT CASH ACCOUNTING Scheme.
Sadly to say I don't think we are thought the most important things at the college.
However I like accounting so I study a bit more on my own and I bought books and the Sage Programme.
Now I'm thinking how do I get more experienced, because if and when I will be looking for a job, those will be real transactions, there will be no room for mistakes.
