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rachel_mclean


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Many Questions, mostly vat
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Hi, I have started working as a Bookkeeper for a company, they have started the year using quickbooks and then their accountant has moved everything on to Sage Instants V16 for me, all the balances.

I have a few questions and would be very grateful for any help.


Is there vat on these items:

Bin liners and cleaning items(coop)
Ingredients (cost of sales) such as vinegar and oils(tesco/coop receipts with no vat element).
Photocopying
Milk, coffee etc
Restuarant bill

The vat return

After I have completed the bank reconcilliation and start the vat return, do I only put in the vat return items that have been paid? and using sage instants will the programme do that for me?.

Is there anyway I can get a print out from sage instants that will show me everything that is included in that vat return?


If there is a wholesale customer from another country (Netherlands) who buys the products and sells them on in their shop, who is not charged vat (they have a vat number) how do I enter this on to the vat return? Does this go in to ''box 8: total value of goods and related costs excluding any vat, to other EC member states'' or/and VAT 101: EC Saleslist, euro sales exempt from vat.


Stock Take

If the company decides to have a stock take at random points in the year,  how do I enter this in to the accounts?


Thank you in advance for your help

Rachel

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Rachel
attilabenko


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Hi,

If you are on accruals accounting you put everything in your VAT return not just what have been paid and SAGE will do it for you if the inputs were correct, you will be able to reconcile your VAT return. Everything has to have a VAT receipt if you want to claim VAT back.
Bin liners,etc yes VAT
Ingredients like oil,vinegar - no VAT - what sort of business is it? This probably should be purchases.
Photocopying - depends on the place you did the copying, if they are VAT reg or not. If you have an acceptable vat receipt than yes VAT.
Milk, coffee is it for staff? well anyway no VAT - unless it is a purchase of a cup of coffee
Retsaurant bill again depends if the restaurant is VAT registered or not if they are than yes VAT.

Dispatches to VAT registered buyer in the EU you will have to complete ESL and the VAT return, fairly strict rules but you can find more about it on HMRC website.

Random stock take, I would enter it randomly ;)

Hope this helps...

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Attila
rachel_mclean


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Hi Attila

Thank you very much for the quick reply and yes it has helped hugely!

The ingredients; oil,vinegar etc are used in the products that they make and sell. When the oils are bought from the wholesaler (only use coop & tesco when they need them quicker) they are charged with vat on the invoices.

Thanks again

Rachel

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Rachel
attilabenko


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Hi Rachel,

From the wholesaler you get your VAT invoice but those products should be zero rated on it, they are food items. Tesco's and other supermarkets normally put a little star next to the name of product with VAT on it, and no star for products zero rated or exempt.

-- Edited by attilabenko on Sunday 24th of October 2010 11:45:07 AM

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Attila
Stardoe


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Hi Rachel,

With regard to your stock, did the accountants give you a figure for your stock in the opening balances? If so, when the company do a stock take, you will have to do an opening and closing stock journal. I would be inclined to get them to do a stock take on a more regular basis, say at the end of the month. This will make it easier if you want to do management reports at any stage smile.gif

Let me know if you need to know how to do the journal smile.gif

HTH
Pauline

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Pauline
rachel_mclean


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Hi Attila, not all the oils are food grade, so I think I will need to find out which ones are and are not. Thank you for the info on receipts with the stars.

Hi Pauline

Yes please could you tell me how to do the journal

Thank you very much for your help

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Rachel
Stardoe


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Hi Rachel,

Do you already have a stock figure on your system? If so it will be in the 10** area as a current asset.

When you have your next stock figure you will need to reverse out this opening stock figure as follows:-

CR 10** Stock xxxx (the figure that is in Stock at present)
DR 5200 Opening stock xxxx ( as above)

And then enter your new stock figure

DR 10** Stock xxxx
CR 5201 Closing stock xxxx

You can do this as one journal. (i.e. four lines)

HTH
Pauline






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Pauline
rachel_mclean


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Thank you VERY much for that Pauline VERY helpful

Rachel

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Rachel
Stardoe


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No problem smile.gif Glad I could help!

Pauline

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Pauline
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