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ally21stone favarpa


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How to post expenses is sage
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Hi Can someone please help. If a soletrader is not registered for VAT how should their expenses be posted on sage. For example say petrol should it be posted as T1? Also how do i deal with the soletrader withdrawing money from the bank account?

 

 

Thanks



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ally21stone favarpa


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Posting expenses
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Hi Can some-one please tell me how to post expense of a sole trader non-Vatregistered on sage please also do i use T9?

 

Thanks



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Bucks Bodger


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RE: How to post expenses is sage
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The Sage VAT codes are purely for VAT registered businesses.

The best way to handle a non-VAT registered company/person is to post everything as T9.

Withdrawals should be posted as a Bank payment, coded to a drawings account in the Balance sheet
(it should be in the 3000's, from memory)

Eunice

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Eunice Cubbage
ally21stone favarpa


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Thank you do much. The girl that was previously doing the accounts has posted all the diesel to the fuel n/c using t1 how could I fix this. Could I credit the fuel n/c under t1 and add back under the fuel code at t9. Also firstly she done the expenses through the petty cash but now has started posting the diesel to the n/c? What is best? And how do I post the sole traders other expenses? Thank you soooo much for helping me :)))

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ally21stone favarpa


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Sry also could you tell Me the best way to post mortgages?

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Bucks Bodger


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Ally

It depends whether, having entered things with a T1 tax code, she has posted VAT as well. If she hasn't, then it doesn't matter
whether things have been posted T1 or T9, since you won't be running a VAT return.

If she has posted things as T1 and taken the VAT element, then yes, you need to reverse the entries by posting a credit note,
exactly the same as the invoice was posted, and then repost with the gross amount (i.e. the total including VAT) using T9.
If you leave it as it is, the expenses will be charged net of VAT instead of at their full cost.

As for the mortgage question, not sure what you mean, mortgage payments aren't allowable, but can you please explain further ?

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Eunice Cubbage
ally21stone favarpa


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Hiya can I just post a c/n say for the year to t1 to take of the vat. Then do a bp to the fuel n/c of the amount if vat for the year. Or do I need to delete all the trans n do again as there are about 3 per week :(, also how do I post her other expenses into sage should I use the petty cash account. Can you tell me the exact accounts to debit n credit for ad I am so confused. On the bank statement it just says mortgage then a withdrawal amt? I'm so Confused and you r brilliant :))))

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Bucks Bodger


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Hi

Can you tell me how these fuel purchases have been made ? Have they gone out of the Bank account
by using a debit card ?

If that's the case, the simplest way might be to do a bank receipt to reverse the incorrect entries (you'll
need to make sure you have got this right by running a report or doing an Excel shcedule or something,
if you're going to do one entry for the lot rather than correct each individual one) using the same Tax Code
with which they were originally posted, and then posting a single Bank payment for the Gross total, including
VAT (using a T9 code). You should be able to pick up a figure for VAT which has been incorrectly posted from
your Nominal Ledger, the Purchase VAT Account (usually numbered 2201). There should be no balance in
this account for a non-VAT registered business.

What business is this person in ? - unless it's some kind of property business I'm guessing he just pays his
own personal mortgage from the business account and the mortgage payments will be therefore classed as
drawings, but we'd need more information to be sure.

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Eunice Cubbage
Stardoe


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RE: Posting expenses
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Hi Ally,

Do you mean your client/employer is a non-vat registered sole trader or you are just trying to post an invoice from a supplier who is not vat registered?

If it's the former then you should use T9 for everything, or to save having to change this every time for everything you post, you could go to Settings - Configuration - Tax Codes and edit the T1 tax code to 0.00 as this is the one that Sage uses by default.

If it's the latter then I would personally use T1 but change the VAT amount to 0.00.

HTH

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Pauline
Rhianrach


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Do you keep a record of all the T1's you post as zero vat Pauline?

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Steve
Stardoe


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Hi Steve,

No, not normally, but before I run the VAT return I always do a VAT audit check under Modules - Financials - Verify which usually picks them up.

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Pauline
Shamus


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RE: How to post expenses is sage
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<< Thread merged by moderator. >>

To poster.

please refrain from posting the same question under multiple headings. This normally results in a simple deletion but in this instance both posts had been responded to so required a merge which can sometimes lead to a confusing flow of posts.

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.
ally21stone favarpa


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Sorry admin :), they arrange postal of leaflets to houses. I think I am going to change the vat at the year end date through a journal and the vat code does that seem ok. All fuel was paid through withdrawls from the bank

What's the best way to post the other expenses through petty cash n credit the purchase ledger for the individual codes ie stationary?

Thanks so much everyone

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