A client has just turned up with his quarterly vat paperwork. He has included about 5 receipts dating back 4 or so months. I had originally entered these at the time with the vat as zero because no receipt was present. The trouble is now the year end procedure has been done and final accounts produced by the accountant. I've had a look at the Sage help about how to handle adjustments but can't really see how to do it regarding claiming the VAT back. All help greatly received :)
I'd simply post an adjustment in the current year, dated the first day. It's not ideal, because you'll be reducing the current year's costs by the VAT amount relating to things in the previous year - but it's the easiest solution, especially if the amounts are very low.
Simply post a journal for each one - credit the relevant cost with the VAT amount (as T9) and debit the VAT inputs code (as T1).
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
not sure why you keep adding copies of this post but I keep deleting them.
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Sorry that this is not an answer to your question but on the bright side at least I'm still keeping up with my new years resolution and not completely ignoring posts just because they are Sage questions. lol.
Hope you get an answer soon from one of the Sage bods out there but remember the time of year and give it a couple of days to wait for a response as most of the regulars will be pretty busy at the moment.
kind regards,
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.
Oops, and there you go. Vince came to the rescue whilst I was typing.
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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.
So to clarify one materials receipt is net 20.72 vat 4.14 gross 24.86. So I would credit code 5000 with 4.14 and debit code purchase tax 2201 with 4.14?
Yes. You've already debited 5000 with £24.86 in the previous year, on the basis there was no receipt, so no VAT. Now you are just moving the £4.14 out of 5000 into 2201 - remembering to use T9 for the credit to 5000, and T1 for the debit to 2201. (So that Sage picks the VAT up on your next return).
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
