Has anyone tried to run different VAT returns in different Countries via Sage?
I am thinking I could just add the transactions per each Country rate as I do the UK (ie T1) then journal them out on a T1 to remove them (to a reconciling code) from the UK return. I can then use the reconciling code to do the calculations for EU returns...
I see a complicated task ahead, I may call Sage and ask them but thought I would try here first.
Tony
-- Edited by tonys on Monday 3rd of December 2018 12:33:51 PM
Hi Tony
Not done this is Sage. Separate Euro was just done on the back of a fag packet but was a simple one to do.
Couple of thoughts:-
- no idea what actual Sage product and version you are usng currently (you mightve said before, but my memory is duff in December! never mind the rest of the year)
- you can possibly set up more control accounts in sage, which you would ideally need
- not sure your journalling would work partly as not entirely sure I understand what you mean. (Brain duff mode. Maybe supply full entry suggestion). Think impact not just on the VAt calculation but on the reporting of sales and purchases totals v final accounts, possible double counting.
- issue is that you need to report the EU VAT in euro, but your base currency for the nominals will be sterling. Not sure if you can change this (you can change the whole base, but not part)
- you could cobble something together between the reports, but I dont think you would just be able to pull out a specially coded VAT return anyway, so manual intervention will still be required.
- small issue - you would need to manually run the VAT wizard journals after each VAT return.
Ive not given it more than a couple of minutes thought to be fair, but one suggestion would be - try out what you want to do more fully in practice mode.
I would suggest you need:-
- check out sage 200 to see if that does the trick
- if you want to go down the use of existing sage and getting reports - try speaking to Ian at Onion Reporting Software (he is a poster on here, do a seach, he might have seen this except there is no mention of 'sage' in the header. Sometimes you win and sometimes you lose by adding that word!)
- check out what your Accountants say - they really shouldnt be adandoning you do this. If they cant sort it, get a better one. (There are workarounds as lots of the bigger company do this as a matter of course, but, and I hate to say this, generally they employ Accountants in the top 5 type bracket or larger city centre based ones)
-Just go manual and get considering your other VAT options, with the specialists on board.
I might ask around if I can tap into the right people over the next few days.
__________________
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 am still mashing this around, every method causes issues on Sage.
Briefly, my clients Website/ stock control system produces a gross sales figure in £ as base currency (bit like sage) I enter this on sage as a single invoice, one customer on Sage "Websales" I basically reconcile all sales receipts against this. The zero rated sales are fine as they are entered on T0 but the T8 ones, I do have to do journal adjustments for these, plus do my ESL via those figures reports from the Web system. This all works fine but now we have registration in other Countries.
I am going to call sage as I have cover (I am on sage 50 pro)
One method I thought was:
Create a EU VAT control account in say 2202
Post all UK/ Non EU VAT reg sales as I do now.
Post EU registered sales:
Journal CR 4000 (Sales code) net value per Country on T9 /Cr 2202 VAT due per Country on T9
Dr side gross amount to suspense A/C 9998 on T9
Create invoice on Website Customer for gross amount on code 9998 on T9
This method, although slightly cumbersome (!), keeps the EU VAT reg sales off my VAT return for UK, keeps my P & L figures for sales correct and keeps the debtors control account in line.
