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Post Info TOPIC: VAT adjustment needs to be done - confused!
Cheshire


Master Book-keeper

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VAT adjustment needs to be done - confused!
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Hi 

I need to do an adjustment to the figures and not sure how to key the entry in Sage.

Background - have a cash accounting client.  (Before my time -) some sales discounts keyed instead of credit notes. When these  discounts keyed mostly the VAT has been paid on the original invoice amount (as discounting was never mentioned on the invoices), instead of the actual amount received.    In fact the only time the VAT is correct on the items discounted is when the funds have been applied as a payment on account.

So I have £14k+ in sales discount nominal - thought I might leave it (but appreciate advice)

I have to reduce the VAT payable this quarter by about £1.5k - can someone please help me. What is the best way -  journal entries and what specifically -  cos I know Im being thick!!!  Especially with it being cash accounting (aaaggghhhh).     I dont think I can key anything to the VAT control accounts (unless Ive lost the plot more than I realise).

I dont even know if Im making sense to anyone but myself!

confuse



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 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
FoxAccountancyServices


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Jo, did you sort this? If not, email me so I can have a nosey for you

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Cheshire


Master Book-keeper

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Posts: 8646
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Hi
I didnt sort it. Now Im being doubly thick (sorry) - email you what?

Im not even sure at the moment what double entry, entries to make to fix it! Thats partly where Im stuck (and then if Sage lets me do it is the second issue(!!). Think my brain has stopped working in the last 3months and is so much on overload that I cant stop to think about it for long enough without my head hurting.

__________________

 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
FoxAccountancyServices


Expert

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Email me so I can discuss in more detail and maybe nosey at the sage back up

 

(PS - NOT impressed with "you recently posted a comment.  Please wait a moment before trying to post again" BKN do you want me to help your visitors, or not?! Turn it off!)



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Cheshire


Master Book-keeper

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Posts: 8646
Date:
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FoxAccountancyServices wrote:

 

(PS - NOT impressed with "you recently posted a comment.  Please wait a moment before trying to post again" BKN do you want me to help your visitors, or not?! Turn it off!)

 Ehh?  Thats just weird isnt it.  I tried to do an edit of my original post (twice!!) and it let me submit but didnt post it.  Shauny Shaun - whats goin on?

Michelle - will PM you in a mo!

Jo x



__________________

 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
FoxAccountancyServices


Expert

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Posts: 2021
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ok, am here and can look now if you have time

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Cheshire


Master Book-keeper

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Ive just tried to ring you cos I thought it might be quicker!!! just spoken to your lovely lady who is passing on my phone number!

Jo

__________________

 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
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