Control is where the running figures from sales, purchases etc etc go.
Suspense is where the figure goes after the form has been filed.
Clear as mud.
If there is a bad debt will Quickbooks remember to allocate this against the VAT return at 6 months, or do you date the transaction (VAT) at 6 months in the future?
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
So presumably when you pay the VAT the suspense account goes to zero?
Doesn't the bad debt get recorded at the 6 month mark and recorded against that quarters VAT? Must admit I've never had to record a VAT one but that was my understanding.
__________________
John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Yes mate that is how it appears to function - trial and error!!
Say if a business knows after 3 months that a debt is bad I just wondered if you could forward date the issue so as that it would be picked up by the VAT return at the 6 month point, or whether a manual adjustment would be needed on the actual form - no issues, can just remember with the use of a spreadsheet. Was thinking that maybe the cloud was more efficient...
I'm just trying to get to grips with at least one package, comprehensively. Oh the joys!!
All in all it isn't going too bad, the reports are a bit thin on the ground, but hey!
-- Edited by abacus12345 on Thursday 23rd of March 2017 04:41:37 PM
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Yes mate that is how it appears to function - trial and error!!
Say if a business knows after 3 months that a debt is bad I just wondered if you could forward date the issue so as that it would be picked up by the VAT return at the 6 month point, or whether a manual adjustment would be needed on the actual form - no issues, can just remember with the use of a spreadsheet. Was thinking that maybe the cloud was more efficient...
I'm just trying to get to grips with at least one package, comprehensively. Oh the joys!!
All in all it isn't going too bad, the reports are a bit thin on the ground, but hey!
-- Edited by abacus12345 on Thursday 23rd of March 2017 04:41:37 PM
Bloody hell Johnny - wish I had as much spare time as you must have (pre research I mean!)
I tend to write off the whole amount, no VAT adjustment and then do the VAT adjustment at the 6 month interval - usually have a remnder to do that if its one that requires a few entries. So a bit manual, but never really given it a thought as to whether it can be automated. Well actually it can cos you can do a pre dated entry, but then (certainly for sage) you just get those annoying 'comments' every time you do a backup.
__________________
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
Between the cloud and trying to create a website I must be keeping a certain energy drink manufacturer in business - that being said, there is a terrible crash when it starts wearing off!
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Ive warned someone else of the evils of that stuff. Seriously - can give you a heart attack. Lay off for a few days and Im sure you can stay up late (gaming.....err I mean researching) for almost as long!
__________________
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
