I am having trouble in identifying on how to manually enter the Sales VAT monthly report figures onto Sage Instant Accounts. The reports have been provided to me by my client taken from the Cash Register Till for each month since trading their off licence business? Which figures do I enter onto sage instant accounts?
For example : July 2015
Nett Value: 1779.92
VAT Value: 355.82
Zero Rated Value: 397.20
Exempt Sales: 0
Total Nett Value: 2177.12
Non EU Sales: 0
Total Overall Value: 2532.94
Thank you.
-- Edited by AnitaP on Tuesday 29th of December 2015 05:30:55 PM
Firstly you should ensure that you can check the details in the report to the till rolls - to check for anything input via the incorrect tax code and for any till differences. EG - are the items listed as zero rated sales correct? Not sure what these consist of but you need to double check.
I dont use sage instant so am not sure how to navigate round it, but am a user of Sage 50 (various versions). I assume they do not have a 'cash till' icon/module in instant? If not
Enter via Bank account module, into the cash account (you may need to re-name the petty cash account to just cash, or even open a new account called cash). Enter as a 'Bank' receipt. Key £1779.92 to sales nominal code (4000) T1 - you will need to overkey the vat value as the amount you quote above is slightly adrift (I assume due to rounding in the till with so many small transactions).
For the zero rated entry - key in the same way as above but key as T2, so VAT column shows as nil.
NB - Check your Tax codes in sage to ensure T1 = standard VAT and T2 = exempt, although they usually are.
HTH
__________________
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
Thank you for welcoming me to this forum it is a vert useful forum and you can learn alot from your advice and maybe other people on how they do their accounting.
Thank you for your help on my question, it has helped me to enter this correctly for the client.
Sage Instant does have the cash till icon for entering till receipts, at least the newer versions do. I have finally made my decision over what accounts software to go for and have opted for Sage Instant Plus, partly because it has this option, also for the stock control function and lastly better the devil you know! I will change if i don't get on with it down the line.
For the zero rated entry - key in the same way as above but key as T2, so VAT column shows as nil.
NB - Check your Tax codes in sage to ensure T1 = standard VAT and T2 = exempt, although they usually are.
Hi Joanne
Strictly speaking it should be T0 (zero rated) rather than T2 (exempt) Says he who has never used T2 in his life, and only discovered this a few months ago.
Makes no difference to the VAT return itself, as both record the purchases amount.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Hi John I can see where the confusion comes from as Ive mixed my words and codes with my response of For the zero rated entry - key in the same way as above but key as T2, so VAT column shows as nil. NB - Check your Tax codes in sage to ensure T1 = standard VAT and T2 = exempt, although they usually are.
It should read For the zero rated entry - key in the same way as above but key as T0, for exempt key as T2, so VAT column shows as nil. NB - Check your Tax codes in sage to ensure T1 = standard VAT, T1 = zer-rated and and T2 = exempt, although they usually are.
Rather then editing my original post which would be confusing, Ive just included it here.
T2 - I use mostly for stamps if bought from Royal Mail and insurance products. (Stamps when bought from small retail shops may include VAT if they are VAT registered - see the receipts!!). Strictly speaking you should also T2 Bank charges which are charged for operating a current account (but Ive always T9, bad girl!). Care also as some Bank charges do carry VAT, although you probably wont see many of these and yes the Bank will issue a VAT invoice if this is the case.
__________________
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
I have finally made my decision over what accounts software to go for and have opted for Sage Instant Plus, partly because it has this option, also for the stock control function and lastly better the devil you know! I will change if i don't get on with it down the line.
Richard
Well I really wasnt expecting that one Richard. Not sure if the older versions you are used to ever had a practice and demo data function but they do these days and so they are worth messing about with before you get properly started. Plus by the time you have questions there will be a few peeps back on here after the end of January.
__________________
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
I have carried out your method via Bank account module, into the cash account ( re-name the petty cash account to cash). Enter as a 'Bank' receipt. Key £1779.92 to sales nominal code (4000), £355,82 VAT to (T1), £397.20 Zero Rated Value of sales to (4000) and used T2 for none VAT.
John,
I have read your reply a little late as I have already actioned (july 2015 to Dec 2015) total of 7 months, the Zero Rated VAT should had been T0 and not T2. However, its a great relief that it does not affect the VAT return. Phew. However, i will remember to use T0 (zero rated sales ) going forward. My client does not want me to use the Cash Register icon on Sage and prefers this method, as they would like to print of reports and pass them onto me.
