I have taken on a new client for VAT returns. The client has an accountant. The business started last year and the first VAT quarter has been done. I have none of the paperwork yet for the first vat quarter. I have 3 vat quarters to do. The accountant wants me to use VT which I have bought.
Can I do the the 2nd vat quarter in VT without putting in any information for the first period? can I log the opening balance for the bank at the beginning of the period of which I am starting the VAT quarters? and enter all transactions for this period then create the vat returns, then go back later (much later) and fill in the information for the VAT quarter that I did not do? It is a new business, still in it's first year of trading.
If anyone could help with this I would be very grateful
Thanks
Rachel
OR: will I need to enter the opening balances from the Trial Balance at the end of the period for which the vat has already been done. Would this be sufficient? rather than re-doing the whole vat quarter again in VT.
-- Edited by rachel_mclean on Monday 29th of July 2013 10:06:23 PM
-- Edited by rachel_mclean on Monday 29th of July 2013 10:31:16 PM
You mention that you want to do the 2nd and 3rd periods before the 1st but VT will take the VAT not already accounted for in the first return that you do so by missing the first quarter all the VAT would end up in the second which is not what you want.
Really you either need to do the returns in the correct sequence within VT or enter opening balances post first quarter.
I found that the opening balance contra's took a bit of getting used to. First company that I processed in VT I ended up deleting and starting again.
Once your used to it though its much easier than Sage.
The issue of course that you will have by entering opening balances after the first quarter is that you are losing the detail of a quarter of the years history.
Of course, once you've done the second quarters VAT it would be possible to delete the opening balances for the first quarter end, enter opening balances for the previous year end then input the missing data.
Then, delete the second quarters VAT return, redo the first quarters VAT return then redo the second quarters VAT return but the issue will be that its possible that you may end up giving yourself a nightmare of being unable to recreate the two VAT returns exactly as they were first produced.
Simplest approach by far would be if you could get the first quarters input and do it first but if thats not possible as detailed above you could do the second, delete the second then redo the first and second.
Hope that makes sense,
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.
