I would be grateful if anyone can help with this problem. I am using Kash Flow, the end of year trial balance does not balance , this is because of an invoice from a freight company for duty and vat on goods imported from the USA, where I must have posted the Vat incorrectly. For the option of "outgoing type" I have put input vat which is obviously incorrect. what type of "purchase" should it go under in order for the trial balance to tally. Thank you.
-- Edited by Durbanlady on Tuesday 4th of August 2015 12:56:45 PM
You should only claim the VAT back on receipt of a C79 not on the invoice form the freight company. That aside I dont use Kashflow so dont know its inner workings but sounds like you need to reverse the original journals between the control accounts?
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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
