The Company migrated to a new software - Sage 50 Clouds in the mid of 2023. Transactions with the wrong VAT codes (Postponed VAT Code T39, T40, T43 in ) were posted to Sage 50. And as far as I understood they were either allocated or paid. So we cannot delete or edit those entries.
We pulled a Day Book Report (for both Invoices and Credit Notes) to see all wrong transactions. Debits and Credits for all wrong entries are a great match. But they are anyway all show up in my Audit Trial Report. The thing is that I am just learning with the flow.
Could you, please, help me to write, probably, journal entries, to remove all wrong VAT codes from my reports. Just in case, we have 16000 entries in total with approximately up to 4000 entries with the wrong code. If only its relevant to my enquiry.
Please, please, help.
Many thanks in advance.
YouNeedTo said
Thu Jan 11 13:17 2024
You cant use journals to change VAT codes. You do not say if your VAT returns are right or wrong, if the latter you will need to update HMRC (if over limits you will need to do separate notification outside of VAT return). Unclear and if you have closed down periods or year ends, so this needs to be considered carefully too. Suggest you speak to the company Accountant before there is more of a mess made.
Hey guys,
Seasonal greeting and best wishes for 2024!!
Could you, please, help me?
The Company migrated to a new software - Sage 50 Clouds in the mid of 2023. Transactions with the wrong VAT codes (Postponed VAT Code T39, T40, T43 in ) were posted to Sage 50. And as far as I understood they were either allocated or paid. So we cannot delete or edit those entries.
We pulled a Day Book Report (for both Invoices and Credit Notes) to see all wrong transactions. Debits and Credits for all wrong entries are a great match. But they are anyway all show up in my Audit Trial Report. The thing is that I am just learning with the flow.
Could you, please, help me to write, probably, journal entries, to remove all wrong VAT codes from my reports. Just in case, we have 16000 entries in total with approximately up to 4000 entries with the wrong code. If only its relevant to my enquiry.
Please, please, help.
Many thanks in advance.