Make sure all transactions are posted for the month/quarter or year depending on how often they need to submit a vat return. Go to financials then vat Enter the dates that the vat return relates too. Click ok and you have your vat return figures. Print out then if that is the vat return that is submitted then make sure you flag the transactions as this will avoid any backdated transactions being missed on the next vat return.
I would recommend doing a vat reconciliation every time you do a vat return so you know all transactions have been entered on a return.
Make sure you keep either in PDF or print the detailed report which lists exactly what is included. Looking at this before saving the VAT return enables you to see if there is anything on it that looks odd (ie an error).
Do any of you print out copies of the sales and purchase day books and payments/reciepts reports to keep with the VAT printout?
What would you use in Sage to reconcile the vat return? All the different reports? Damn that course for not teaching me the Vat and bank recs lol.
Sorry, for the dumbo questions. I've been playing with Sage and it honestly doesn't look too daunting as far as the bank rec and VAT return process goes, still i doubt my abilities.
When you do your vat return after you calculate it and print out the reports you click Reconcile button. You will be asked if you want to Flag transactions for VAT? Click yes and this will reconcile the vat return. I hope I understood correctly your questions. If I'm not sure of something I use Demo data or Company practice data which I find very useful.
With the bank reconciliation from the Bank window click reconcile and the statement summary appears. Check you have the right bank account, in the statement reference I always enter the month and the bank statement number, enter the ending balance on your bank statement and the bank statement date. You than match all the transactions on your bank statement with Sage. When you finished you should have 0 in the Difference box than click reconcile.
I usually print off the VAT return and the summary report and save the detailed report as a pdf to my pc as it would entail printing out half a forest I can always print it off if anyone has an inspection.
I can always print it off if anyone has an inspection.
