Hoping for a bit of help as I've hit a mental block trying to correct the sales figures. I noticed I had posted April's takings with May's date which was included and reconciled in the last vat return. For some reason I have then deleted this transaction and re-posted with the correct date. When running the latest vat return the new transaction was picked up along with the unreconciled transactions to be included with this return and I submitted it yesterday. The error is in HMRC's favour and the vat is in the amount of £1900. Any advice on how best to correct this please?
Well firstly, you should always run the reconciliation feature when you are happy that you are going to file the figures that have been generated by Sage.
You will need to write to HMRC and explain that the recent return is wrong, because it included the previous quarter's figures (just explain you didn't reconcile sage, they'll understand), and give them the correct figures. (I personally wouldn't use the method of amending the next return in this case, as it might make things look a bit dickie!)
You should also run the reconcile feature, after printing the detailed and summary reports....
BEFORE posting anything else, run the generate VAT return again, check the figures are the same as what you just filed, and if so print the report, and then hit reconcile - this tells Sage that you included those transactions on a filed return. If the figures are different, you are going to have to work out why, and 'll save that explanation, until you've come back and said you have that issue! :)
Thanks so much for your answer. Basically I printed the vat return, realised it was wrong so made some adjustments and re-printed the correct vat return. Then I stupidly submitted the figures from the incorrect return. I have both detailed vat returns and it's only part of April's taking with have been included - as it is only part takings for one month would you still recommend writing to HMRC? I think I need to restore Sage to before I made any corrections and reconcile the incorrect vat return then make the necessary adjustments so Sage reflects what has actually happened. I'm kicking myself for such a silly mistake!
I think I need to restore Sage to before I made any corrections and reconcile the incorrect vat return then make the necessary adjustments so Sage reflects what has actually happened. I'm kicking myself for such a silly mistake!
Ah well if you have the back up that sounds like a tidy way to sort the issue :)
