Hi everyone! I am hoping someone could give me some help or advice. I am doing the VAT return 03-15 and on checking my figures there difference between my sales from my VAT return and sales from the P & L. Could this be because of the unreconciled transactions which might be included in the VAT Return but not on the P & L for the period? How can i be sure of that? Many Thanks
-- Edited by Juliana_I on Sunday 12th of April 2015 06:08:23 PM
Are you preparing the VAT on a cash or invoice basis?
If the VAT is on a bash basis, the sales on the VAT return will not match the sales in the P&L as the VAT return will only include sales invoices paid in the period.
Thank you for your response. It's invoice basis, so i as far as i know they should match. I know that there were some unreconciled transactions from the previous return, so i am not sure if the sales from the P & L would include the unreconciled transactions?
If any of the unreconciled transactions from a previous period were sales, then the VAT return will not match the P&L sales figure for the period even if you are preparing the VAT on an invoice basis as the unreconciled transactions would have been dated in a prior period.
Can you run a detailed VAT summary and see what is in box 6. If there are any sales dated prior to 01.01.15, add them to the sales in the P&L for the QE 31.03.15 and they should match the VAT return.
