Can anybody please guide me through the Vat return process on Sage as I am doing a Companies vat return for the first time via sage (it's not the companies first vat return I've just taken over the accounts).
I know to go into financials/vat then to calculate amount etc but is there anything I should do before eg. Print off any reports and after the actual process eg journals to clear the system for the next quarter?
Thank you
With printing, that's up to you and the company - and you don't need to print them out before finishing the return; Sage now archives the returns so you can call them back up and print them at any time.
One possible reason for printing (before telling Sage to reconcile the return) is to check the figures. You can do this on screen just as easily, although you might want to print them off for someone else to look at and accept. (Alternatively, save as a PDF and let them look at that.) What checks you might like to perform is really down to you - you know the nature of the business, and possibly what to expect.
The most important thing to remember is to take a backup - although, because of the way Sage now handles VAT returns, even that is arguably negated. (Not backups in general, which are extremely important - just the one I'm about to suggest!).
I take two kinds of backups of Sage data - daily/transient backups, which eventually get purged from my system, and backups that tie in with key events, such as VAT returns; backups that are kept.
With the VAT return, my policy is to take a backup that can be used to *recreate* the VAT return. That means, after running the VAT return process to see what the return looks like, and that any problems have been investigated... but BEFORE I tell Sage to reconcile it, I take a backup. At any time in future, you could restore that backup and (without putting any more transactions in) run the VAT return, and it will always produce the same figures.
With the backup taken, run the VAT return again, and click "Reconcile". You can now submit your return - from within Sage if it's set up to do so.
To post the journals, use the built in Wizard: From the "manage VAT" window, along the top is a buttom marked "VAT Transfer" - click on that and follow the prompts.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Thanks VinceH your guidance is so much appreciated. Really useful.
Tony, when you say scheme are you referring to cash/standard accounting. If so then it is standard as far as I am aware. I have taken over a week before the vat quarter is up and so this is why i'm panicing slightly!!
Tony, when you say scheme are you referring to cash/standard accounting. If so then it is standard as far as I am aware. I have taken over a week before the vat quarter is up and so this is why i'm panicing slightly!!
HI
Yep, that's what I meant. If using cash accounting I'd recommend running an extra couple of reports to make sure you're happy with the return.
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
