I have just run the VAT return wizard in sage. When I work out the vat due on the sales figures it gives, it is around £8 out and the same for purchases which is around £7 out.
Would you bother trying to find these errors on a return where I will be paying out £20000 for the quarter? It only occurs on the 20% sales and purchases and to be honest there is a lot to go through to try and find the error.
I do but I'm a muppet who was brought up to chase down penny differences on systems processing upwards of £400 billion per day.
As my mentor rightly told me once. If it's a penny out in total that could mean that it's a ten million out one way and £9,999,999.99 out the other!
(actually, note that there were rounding differences even at 16 decimal places between the two ends of the system but internal to any process things should balance).
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I do but I'm a muppet who was brought up to chase down penny differences on systems processing upwards of £400 billion per day.
As my mentor rightly told me once. If it's a penny out in total that could mean that it's a ten million out one way and £9,999,999.99 out the other!
(actually, note that there were rounding differences even at 16 decimal places between the two ends of the system but internal to any process things should balance).
Hmmm that's a big difference from £20000
I suppose my next question would be, Is there an easier way than trawling through a couple of hundred grands worth of transactions for stuf that might be slightly out, rather than being a glaring error?
Just recently I seem to have had a spat of VAT errors in clients spreadsheets and invariably it's down to additional charges related to handset insurance on mobile phone bills.
Problem is that they type in the total and let excel calculate the VAT but of course not all of the total is VATable.
Just my experience and a complete guess.
Have you got any figures that include an element of insurance?
Hope it's that simple but I bet it's not.
Good luck matey,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
@ Shaun I thought of discounts whilst visiting my thinking room, i've had a few settlement discounts for purchases and also gave one on a sale, I will see if they actually make a difference.
@ Mark, that's the sort of answer I like. I shall adopt that attitude after about ten minutes tomorrow
