The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> VAT Return figures doesn't agree to the Balance Sheet
Post Info TOPIC: VAT Return figures doesn't agree to the Balance Sheet
Newbie66


Veteran Member

Status: Offline
Posts: 39
Date:
VAT Return figures doesn't agree to the Balance Sheet
Permalink Closed

Hi there

I wonder if you can help me - I have run a VAT report and the VAT figure does not agree to the Balance Sheet.

Can anyone tell me the things I should be looking for when this occurs as it has happened to me before.

Any replies would be greatly appreciated.

Many thanks

 



__________________
EagleEducation


Senior Member

Status: Offline
Posts: 164
Date:
Permalink Closed

What VAT system are you operating? Sonya

__________________
MarkS


Expert

Status: Offline
Posts: 1501
Date:
Permalink Closed

What software are you using?

What VAT method are you using eg invoice, cash, flat rate or something else?

Regards

MarkS



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Newbie66


Veteran Member

Status: Offline
Posts: 39
Date:
Permalink Closed

Am using Sage 2012 and accrual VAT method.

__________________
Mad Liz


Senior Member

Status: Offline
Posts: 187
Date:
Permalink Closed

Have you entered figures from a later period?

__________________

Liz Needham FFA FIAB FFTA

Needham Accountancy Ltd
EagleEducation


Senior Member

Status: Offline
Posts: 164
Date:
Permalink Closed

Which VAT scheme? Cash accounting? Standard accounting? Or other?



__________________
MarkS


Expert

Status: Offline
Posts: 1501
Date:
Permalink Closed

It may be that there is either some JD or JC posted to the VAT accounts 2200 or 2201 that wont get picked up on the VAT return.

It may also be that you havent cleared the balances in 2200 or 2201 at the start of the VAT period to account 2202 by either journal or the VAT wizard.

It may be that the VAT figure on the balance sheet includes other accounts other than the VAT accounts?

If neither of these then you will need to run the detailed VAT report and tick it against the sales VAT and purchases VAT nominal for the period to indentify the difference.  You will of course need to check that there isnt any opening balances in either nominal at the start of your VAT period as there shouldnt be and check that both figures net to the VAT figure in the balance sheet.

As opposed to actually ticking off you could export the detailed VAT report as a CSV file and sort in excel by size and do the same with the sales VAT and purchases VAT accounts and match them up line by line to identify difference.

Regards

MarkS



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> VAT Return figures doesn't agree to the Balance Sheet
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About