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buckland10


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Trial Balance - Help!
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Hi,

on the Trial Balance prepared by the previous accountant the Trade Debtors figure is shown inclusive of VAT and the Trade Creditors figure is exclusive of VAT.  I thought they both had to include VAT.

Is this an error or is there a reason?!

Many thanks.



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Stardoe


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Hi there,

If you are talking about the Debtors and Creditors control accounts then yes the figures should include VAT. Can't think of any reason at the moment why the creditors shouldn't have VAT included unless of course none of them are VAT registered!

Pauline

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Pauline
YLB-HO


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The only time I have know the trade creditor figure to be exclusive of VAT is when they are actually accruals

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Frauke
BKN Book-keeper of the year 2011
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