I don't know quickbooks at all, but perhaps the difference would be posted to a Gain/ Loss on Flat rate scheme with the "other side" being posted to the control accounts in the B/s.
er.. hth'd a bit, but i am guessing
-- Edited by ADAS on Sunday 22nd of January 2012 12:13:26 PM
__________________
Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
I have a client who is on the Flat rate scheme, and so far I have adjusted the VAt manually to account for this. What journals are needed to account for it in Quickbooks?? Because if you File VAT in QB it will do it as Cash accounting and then post the relevant amount owed to the suppliers for payment. Obviously the amount I need to post is different to that so need to adjust with a journal. I can't get my head round it today!!!
If you don't know it in QB's but can tell me in SAGE that is ok as I know Sage instants well.
Many thanks everyone, hope you all enjoying your weekend!
Yes that whats I thought about doing but can't get my head round the actual journal?
I thought about setting up an 'income' account and posting to there as they client has charged 20% VAT on all invoices but the flat rate scheme is 12% so the balance I think maybe should be extra income???
I am right or wrong. I am very confused by this in QB, I understand the flate rate scheme so no probs there but QB Pro 2008 don't allow you to deal with it like this so a journal will need to be done so the amount owing is correct in QB when I file the VAT in QB's (when you file VAt in QB it doesn't actually do it on HMRC its just within the programme, this for all of those non QB users).
I someone don't know how to do it in QB I do use SAGE Instants and am familier with that package. So an answer in either would be great regarding the journals.
Sorry to have to keep asking just can't get my head round this one, its been puzzling me all day!
