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Post Info TOPIC: VAT on Sage - receipts from previous period


Senior Member

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Date:
VAT on Sage - receipts from previous period


Hi

I  am hoping someone can help.  I am working on Sage and I have a client who had a whole months worth of records missing at last VAT period.  I put the VAT return through as best I could based on the Bank statement.

I now have these records and there are a lot of cash receipts etc which qualify for VAT which were missed and also lots of corrections to be made.   I need to use the correct date for the transactions for my bank reconciliation so is there any simple way these can be included on this quarters VAT return?. Is there a button in the VAT mode that allows transactions from a previous quarter to be added?

I am sure there will be a very simple solution but I generally work on VT so I am not particularly familiar with the Sage VAT.

Many thanks

Valerie

 



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Master Book-keeper

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Hi Valerie
Technical responses need software specifics - what sage (as in type and version)

Also - you dont mention the overall quantum - do you need to adjust per the enclosed?

www.gov.uk/government/publications/vat-notice-70045-how-to-correct-vat-errors-and-make-adjustments-or-claims/vat-notice-70045-how-to-correct-vat-errors-and-make-adjustments-or-claims

Personally I wouldnt go off the Bank statement to decrease their overall VAT bill. If they can get a bank statement to you then they can also get their receipts over. No receipts no vat reclaim! If you never get the receipts and have a VAT inspection..........say no more!!

I take it they are on standard VAT?

__________________

 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



Senior Member

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Posts: 330
Date:

Hi Joanne

Thankyou for your reply.

I'm using Sage 50 Accounts Client Manager. I understand what you are saying re the bank statement. It was a desperate last day of the VAT situation and I knew they had the receipts just couldn't get them but I was able to pull off the bank statement. Slapped wrist situation ashamed.gif

If I had an overall figure I would just adjust the return manually this time but this is a pretty large business with a lot of transactions so its an awful lot to trawl through.

Yes they are standard VAT

Thanks

Valerie



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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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Date:

Hi Valerie
So I will assume you dont need to go down the route of extra form filling for HMRC and CAN actually just do the adjustment in this next VAT return period.

When you do VAT, when you click on the calculate VAt button it will ask you if you wish to include 'earlier unreconciled transactions'. This is a great feature in that it will allow you to pick up the odd last thing that you keyed dated in the prior VAT period and after you did the last VAT reconciliation.

The problem arises if eg1 the unreconciled option has never been ticked before. That means you could be pulling back the last donkies years worth of 'stuff' which can then cause issues with prior year ends and all sorts. Ive seen that happen!!!!! Particular nightmare if items were not included at T9 when the business was non VAT registered and therefore the system can pick up eg sales that didnt carry VAT and the business would know end up paying VAT on them.

The good news is that when you click this include earlier unrec options button you should get a report so that you can interrogate the dates and put your mind at rest! I say should, but it may depend on how ancient the system is - cant say what format this report is in as I dont know what year client manager you are using. (You can find the version info on the 'Help' ---> About option on the top toolbar).

If you get that report in excel format it will also help determine if you need to do the paperwork in the link to HMRC.

IF the earlier unrec trans has NEVER been used then the easiest way to include the last VAT return info in this return is to key everything as at the first day of this current VAT quarter (but include a note as to the correct date of the documents for audit purposes. Not ideal but an option.

I am of course also hoping that the option to 'flag' VAT items has been ticked in the past - you can have a quick look via your transaction history or an audit report to see if they are VAT reconciled or not.

As ever, BACK IT UP (to several places) BEFORE you do anything and test your backup works.

Before you key anything else I would backup, run the VAT return, pick the include earlier unrec option and see what it throws up.

There is also a 'practice' module in sage when you can have a play and create scenarios - great for learning and see exactly what goes where when you even key just one line. If that doesnt open each time you open sage then you can get to it via File ---> Open ---> Open practice data.

Hope that helps


__________________

 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



Senior Member

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Posts: 330
Date:

That's great advice Joanne

Thankyou, I will take a look at it now.

Enjoy the rest of your day



__________________

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

Status: Offline
Posts: 8646
Date:

Thanks Valerie - hope your day gets better, sounds like you have a right one on your hands to sort.

__________________

 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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