Firstly I would like to thank you for looking at this post and hopefully I will be able to explain what has happened and some one can point me in the right direction.
I have upload sales from Tradebox into Sage 50(v22) and noticed that all the sales have vat on them, even though we sell zero rated items as well.
My question is how do i move the £3000 that has been incorrectly charged to my VAT account and put into a zero rated account, Im just a little stumped, going forward I have sorted out the problem of the vat on the non vat goods so it wont happen again.
My last question is also Vat rated we over paid £870 on vat last year how do I claim it back.
Can you do a restore to pre upload, correct the information coming out of tradebox and re-enter?
You last question needs more info. How was it overpaid? Was the VAT return itself incorrect, what adjustments have your accountant done for this a in the year end? Was it sale done as Vatable instead of zero rated. Or purchases not put through correctly or was the return itself right and the wrong amount sent? Have you read up on the VAt regs for amending prior returns......re potential fines etc?
__________________
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
many thanks for the reply, I had done several uploads from tradebox so would mean starting the accounts again.
I found out when i do refunds, tradebox does put these into sage so the sale went though and then when the customer returned the item for a refund this did not go though, we are not talking a lot of money about £800 in over paid VAT for the year, my accountant said I can go back and put the adjustment in(see below)
You can go back up to 4 years to recover any overpaid VAT. Once you have the figure you just need to reduce you output tax and sales figure on the VAT return. This could be done by posting a journal from output tax to sales.
Hi Steve
The refund issue is a known Tradebox issue apparently. I have never used it but had a wander round their website. Anyway - some more questions (sorry!) just to clarify what you do now.
-When you do the import from Tradebox - do you just have all sales being dumped into the '4000' sales nominal? Just want to check there are no 'customers' set up in amongst this.
-Do you split out the fees from Amazon or Ebay associated with each sale before the net goes to the above nominal?
-Do you have Amazon/Ebay set up as a separate Bank in Sage?
- Have you processed the actual refunds through the relevant bank accounts, so its now just the VAT element you need to sort?
-Does any of the £870 VAT error relate to the last financial year ie was it before your year end and if so have the accounts been finalised?
__________________
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
