The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> VAT adjustment needs to be done - confused!
Post Info TOPIC: VAT adjustment needs to be done - confused!
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
VAT adjustment needs to be done - confused!
Permalink Closed

Hi 

I need to do an adjustment to the figures and not sure how to key the entry in Sage.

Background - have a cash accounting client.  (Before my time -) some sales discounts keyed instead of credit notes. When these  discounts keyed mostly the VAT has been paid on the original invoice amount (as discounting was never mentioned on the invoices), instead of the actual amount received.    In fact the only time the VAT is correct on the items discounted is when the funds have been applied as a payment on account.

So I have £14k+ in sales discount nominal - thought I might leave it (but appreciate advice)

I have to reduce the VAT payable this quarter by about £1.5k - can someone please help me. What is the best way -  journal entries and what specifically -  cos I know Im being thick!!!  Especially with it being cash accounting (aaaggghhhh).     I dont think I can key anything to the VAT control accounts (unless Ive lost the plot more than I realise).

I dont even know if Im making sense to anyone but myself!

confuse



__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
FoxAccountancyServices


Expert

Status: Offline
Posts: 2021
Date:
Permalink Closed

Jo, did you sort this? If not, email me so I can have a nosey for you

__________________
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

Hi
I didnt sort it. Now Im being doubly thick (sorry) - email you what?

Im not even sure at the moment what double entry, entries to make to fix it! Thats partly where Im stuck (and then if Sage lets me do it is the second issue(!!). Think my brain has stopped working in the last 3months and is so much on overload that I cant stop to think about it for long enough without my head hurting.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
FoxAccountancyServices


Expert

Status: Offline
Posts: 2021
Date:
Permalink Closed

Email me so I can discuss in more detail and maybe nosey at the sage back up

 

(PS - NOT impressed with "you recently posted a comment.  Please wait a moment before trying to post again" BKN do you want me to help your visitors, or not?! Turn it off!)



__________________
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

FoxAccountancyServices wrote:

 

(PS - NOT impressed with "you recently posted a comment.  Please wait a moment before trying to post again" BKN do you want me to help your visitors, or not?! Turn it off!)

 Ehh?  Thats just weird isnt it.  I tried to do an edit of my original post (twice!!) and it let me submit but didnt post it.  Shauny Shaun - whats goin on?

Michelle - will PM you in a mo!

Jo x



__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
FoxAccountancyServices


Expert

Status: Offline
Posts: 2021
Date:
Permalink Closed

ok, am here and can look now if you have time

__________________
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

Ive just tried to ring you cos I thought it might be quicker!!! just spoken to your lovely lady who is passing on my phone number!

Jo

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> VAT adjustment needs to be done - confused!
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