As previously mentioned, I now have VT accounts to do the ixbrl and taxfiler to file as I'm not keen on their accounts production.
However I'm not convinced that VT+ / VT Accounts are as accurate as they should be. It's only a couple of quid out but I've noticed it before on VT+ Trial balance import into Taxfiler and just put it down to rounding errors on Taxfiler, but this is definitely a VT error.
Looking at the second screenshot you can see that VT Accounts has pulled the sales figure in at 67260 whereas Taxfiler treated it as £67262, which is more accurate. The first screenshot results in £2 less profit on VT Accounts.
Ultimately, does it matter? A couple of quid out on the profit resulted in a 40p difference in Corporation Tax, and for this particular client I opted to use the taxfiler figures to file, but just looking at situation moving forwards.
Edit: Added screenshots
-- Edited by Leger on Monday 17th of July 2017 12:32:55 PM
-- Edited by Shamus on Tuesday 18th of July 2017 11:17:39 PM
Hi John
By now means an expert on VT, in fact still consider myself a novice so can safely say Ive not seen this before. I now its not a lot, but that would frustrate the hell out of me too! Just a pondering - do you split the sales in VT so they report under different account 'buckets' (or whatever they call them in VT) and /or departments. Just wondering if its a rounding of a rounding issue if that makes sense.
Need Shauny babes for this one.
PS - Just PMd you re something else in this regard.
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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
Its an issue that I've hit myself before although mine are variances between VT transaction+ and VT Accounts. The issue is always down to the precision that is being calculated throughout the process so as Joanne indicates, this will be rounding of rounding.
Generally my approach is to go back, drop it all to Excel and use pivot tables to sum values then compare the value to whats being reported out the back end. The miscreant value will reveal itself amongst all those that balance perfectly. My worst is two days attempting to find 3p!!!! Yes I know that its very, very immaterial but to my mind 3p out could (for example) be £10k out one way and £9,999.97 out the other.
First time I used VT it was out by £4 out between the results from Sage / IRIS that had been prepared by my accountant and what I had prepared in VT. At one stage I ended up scraping all input and starting again from scratch.... Turned out that I was right and the accountant had been wrong (only a minor thing, no biggy)... But by god did that excercise teach me a lot about VT!!!
Sorry that the response is a bit generic rather than answering the specific case. Good hunting John.
kindest regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thanks Guys, I know where the error was, VT Accounts had marked sales as £67260 when they were £67261.63. The trial balance output that I use to transfer to Taxfiler shows an under round of the £1.63 although Taxfiler handled it correctly as £67262.
Just straightforward sales Joanne
This ones has already been filed and put to bed using Taxfiler accounts but given that I want to use VT Accounts going forward I'm concerned about such errors.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
I've had to remove the first screen shot as you accidentally left in the clients name in one of the headers.
Please could you remove the name in green then re-attach it.
kindest regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
