I am a bit confused with what VT is doing. I've set up a new client on VT who is vat registered and cash accounting, so when I put in invoices and expenses the vat keeps going to 'deferered input' or 'deferred output' vat instead of the ordinary input and output vat accounts. Do you know why this is happening? I can change all the input vat but can't work out how to change the vat category on the sales invoices.
It's a bit scary when VT is doing things that I don't understand.
When the invoices are paid or money is received for sales invoices then there will be an item for ordinary input and output. Don't change anything. Let VT do it.
__________________
Never buy black socks from a normal shop. They shaft you every time.
Thanks Peasie, is there anything I can do about the fact that I have already gone in and changed some...that I would never be able to remember what? I think I've buggered up!
You could go to Display -> Transactions Report and or just press Ctrl + T while in VT. And filter for sales invoices/puchase invoices or whatever kind of transactions you were entering. Make sure you enter the right period start and end date for the period you were working on. Then the following report should show the double entries for each transaction you entered.
The thing about about deferred vat on cash accounting is that VT is carrying the VAT amounts in deferred VAT Input and Output accounts until the invoices are paid/settled.
Thanks Richard, it felt very scary not knowing what I was doing so I scrapped it all and started again from scratch. A bit dissapointing doing 4 or 5 extra hours for nothing but felt better than worrying I hadn't done it right.
There is a few things I am worried about with the cash accounting on VT I would like to ask you about if you don't mind.
On the vat return on the 'input vat report' for a few transactions it is showing both the invoice and the payment in the report... i.e. supplier bill £3470.00 and cheque £3470.00 and including both of these figures on the vat return so it's going in twice, is this a mistake I have made somewhere? it was easy enough to pick these out of the report but why are they there?
