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The Book-keepers Forum -> Welcome to The Book-keepers Forum! -> VAT PROBLEM IN CASH ACCOUNTING
Post Info TOPIC: VAT PROBLEM IN CASH ACCOUNTING
kathleen smith


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Status: Offline
Posts: 2
Date: Mon Dec 12 12:22 2011
VAT PROBLEM IN CASH ACCOUNTING
 

Can someone help me out there please? 

I have reconciled a sales receipt with the bank and have come to do my  VAT return and realised the customer concerned should not have been charged VAT. I don't usually use the cash accounting system and thought I would just be able to alter the VAT code as the return has not yet been processed.  SAGE wont let me stating that it has been allocated to a receipt and has been VAT calculated.  How do I correct this please?

 



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Kathleen Smith
ADAS


Guru

Status: Online
Posts: 785
Date: Mon Dec 12 18:21 2011
 

I'd raise a credit note with vat, then refund the customer. Next step, I'd re-raise the invoice correctly and post a new receipt. To keep the bank rec straight I'd contra the refund against the receipt.

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Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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