I am doing the quarterly VAT return for a small limited company. I use Sage Instant and it is set to cash accounting.
I set up some opening balances at the beginning of the financial year for our customers and then I used journal entry to debit the suspense account and credit sales. However, when I done this I forgot to change the date to the end of the previous financial year (31.03.2011) to show that they are bf balances. I am now doing the quarterly VAT return and the figures are appearing in the VAT box 6 as total number of sales in the period july to sept excluding VAT because the date of the journal entries are 19.07.2011 if I had not put this current date they would not of appeared. The figures also appear in VAT box 7 - which is really confusing me. How can I amend this without having to redo everything from the date I messed up. This figures do not actually affect the VAT return figures so do I just go ahead and submit the vat return and deduct the incorrect figure from vat box 6 - I don't really want to do this but I can't amend the date on the journal entry.
Hi Krissy You can amend the date on the journal entry by reversing it and re-entering it correctly which to me is the cleanest way of sorting this out. Ensuring that you put something meaningful in the Details column will also make it easier to track in future
