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Post Info TOPIC: How to make a VAT adjustment in Sage
Brownem


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How to make a VAT adjustment in Sage
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Hello, I have a query regarding a new client I have just taken on. It appears that when advisory fuel rates had the VAT calculated for the last quarter, the journals for the VAT amounts were posted against the VAT nominal, but as  T9 and so do not appear on the return (which has been reconciled). What is the correct procedure for correcting this? Would it be:

to reverse the journals using the original dates and re-inputting them using T1 (meaning there will be a difference on the previous return and the adjustments will have to be included in the next quarter, this will however correct the trial balance for that period) or

reverse the journals using the first day of the new quarter and re-inputting them at this date meaning no difference will show on the reconciled quarter, but the VAT will then show on the return.

Sorry for explaining this so badly, any help would be appreciated.

 



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VinceH


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"What is the correct procedure for correcting this? Would it be: to reverse the journals using the original dates and re-inputting them using T1"

Pretty much, yes. Reverse them as they have been posted - as T9 - then post them as they should have been - as T1.

"(meaning there will be a difference on the previous return and the adjustments will have to be included in the next quarter, this will however correct the trial balance for that period)"

Yes, the VAT will have to be included in the next quarter's VAT return, but Sage should take care of that for you if (as you said) the relevant return has been reconciled.



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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)
Brownem


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Thank you for your help. I thought this was probably the right way to proceed.

 



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