I feel like someone added a few more hurdles to my 100 metre race!!!!!!!
I have a shop that reached its VAT threshold 1st Sept so they are now registered and they took a stock audit from that date so I need to match the stock to purchase invoices however because the shop sells lots of little things etc I'm trying to figure out how to start / get my head around matching!? Apart from the fact that I'm just going to have to methodically match before I can input anything?
If anyone has some advice I would really appreciate it
Hi Michele
Its been a long day and Ive no doubt lost the plot again, but what is it that you are trying to achieve by the exercise? What has the VAT registration got to do with this? Are they looking to increase prices on back of that? Is it their year end? Do they keep stock records in sage or just do a stock adjustment at year end and other period ends (quarterly)?
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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
VAT on goods purchased prior registration is recoverable if the good are still in hand on the date of registration, subject to normal conditions. Therefore for this reason it is important to establish which of the goods are still in stock at that date.
So obvious after a good nights sleep. Sorry for missing the point last night. Thanks Julie. Sounds like a spreadsheet job, with perhaps vlookups helping in this case Nicola.
Good luck, sounds like you are going to need it.
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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
