Hi all.....wondering how best to do this. I don't obviously want to amend past months accounts (that have already been reported on) but do obvously want
to claim as much VAT as is available to the company in VAT expenses. Not that it matters but it took longer than planned to register due to first application
being refused.
I had thought about listing all the items both net and VAT and then crediting the relevant expense accounts and debiting the VAT account. OR maybe just doing
same to one expense account - maybe just a general expense account?! Another issue might be the new(ish) MTD VAT return procedure.
Journalling credits of for all previous expenses were VAT was ignored (in current VAT period) and boking journals of net amounts (in current VAT period).
So, first part T9 - No VAT (Sage) and second part T1 - Standard VAT.
Hi all.....wondering how best to do this. I don't obviously want to amend past months accounts (that have already been reported on) but do obvously want
to claim as much VAT as is available to the company in VAT expenses. Not that it matters but it took longer than planned to register due to first application
being refused.
I had thought about listing all the items both net and VAT and then crediting the relevant expense accounts and debiting the VAT account. OR maybe just doing
same to one expense account - maybe just a general expense account?! Another issue might be the new(ish) MTD VAT return procedure.
Thanks!
You know you can only go back so far and there is crucial criteria to be met with 'expenses' dont you.
Run through the relevant expense/capital categories ro your accounts will not reflect actuality.
Journalling in sage50 does not put the items in the correct vat boxes.
