Hi Georgie,

best taken from the horses mouth methinks :

6.6 Correcting mistakes on VAT returns
If you discover mistakes in a saved VAT return before you have submitted it to HMRC:
1. Select the return in the VAT Returns window (VAT button on the main toolbar) and click on the Delete caption
2. Enter any missing transactions, or delete/edit existing ones by right mouse clicking on the transaction in any report
3. Create and save the VAT return again

If you discover mistakes in a submitted VAT return:
1. Enter any missing transactions
2. If a transaction was incorrectly entered, right mouse click on it in any report and choose Make Reversal Copy (or Raise Credit Note for an invoice) from the pop-up
menu. The transaction should then be re-entered correctly. This process is necessary because you cannot directly edit transactions in a saved VAT return
3. Reversals and corrections should be dated within the VAT period in which the transactions fall. If that is not possible because a year-end has been finalised, it is
best to date the adjustments before the current VAT period (or else an amendment return cannot be produced see below)
4. Depending on the amount of the corrections and the HMRC regulations ruling at the time, you can either create and save an amendment return for the period
concerned containing only the adjustments, or allow the adjustments to be included in your next VAT return. To produce an amendment return, click on the New VAT Return caption in the VAT Returns window (VAT button on the main toolbar). In the dates dialog, enter the dates of the period in which the correction lies. If you do not produce an amendment return, the corrections will automatically be included in the next VAT return produced.

And then the alternative.

I am not recommending this approach but it is one that I have used myself in the past.

Simply delete the VAT entry and recreate it (a thousand Sage users just sat bolt upright and as one uttered those immortal words "say what!").

If you are at all worried take a copy of your .vtr file into a different library. Open and play with the copy before going anywhere near the real file. Also ensure that you have a saved copy of the file before applying the changes for real.

If the VAT return has already been paid you are going to have additional cleanup work to tie everything together but provided you have clarity of purpsoe as to what you are attempting to achieve this is a viable option.

The VT appraoch however is the safer approach.

kind regards,

Shaun.

p.s. in addition to my normal get out of jail free card just to add that I cannot be held responsible for any loss of data by acting upon the above recommendation. I have no problems with doing these things myself but don't relish the responibility of anothers anguish if matters go amiss which when manually deleting records they can.

When you say you didn't claim the VAt back, do you mean you did not enter the invoice on to VT, and therefore it was not included?

If so then, just enter it with the correct date. It will get picked up by VT on the next VAT return. Depending on the value, this shouldn't cause any HMRC problems. You will see it highlighted in VAT report in pink.

If you mean you put a zero value in VAT when you originaly entered the invoice then I would select the invoice in VT right click and make a copy. Amend the new copy with the correct VAT. Then select the original again, right clik and make credit note (not in the comment box why - just incase someone asks).

These will get picked up in the next VAT return, the credit will reverse the original, and the copy will post the correct VAT, and adjust the new liability to allow for the correction (again it will be highlighted in pink on the supporting report, as an invoice from a different quarter but does not affect the return). Sounds long winded when it is typed out but is literally a few second to perform

HTH

Bill

Hi Syeda
It's a bit of an old that to be resurrected I'm afraid. I would suggested you start a new one, and add an intro as we always ask newbies to do such. Eg are you a bookkeeper or an Accountant, work in practice with others or on your own, full time or part time/e another job, what experience, what exams/where up to in your studies/what prof body, where based etc. That sort of thing.

When you re-post a couple of things to consider- do you need yo monitor stock on an ongoing basis via VT or just including year end position. Also have the actual shares been paid for or are they not yet paid?

Also add if your client does sales invoices or not and the nature of the particular basis, plus if vat registered or not and if so, what vat scheme and specific advice can be given.

Nature of the beast I think Joanne.  Someone has a problem posts it on a forum (or several) finds the answer and doesn't update us or cba to come back and check the replies..

I'm not sure which is worst, those who come back on the forum but don't add further comment, or like this one who posts a question then doesn't even check for replies!!!!