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terriwardell


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Pub bookkeeping (vat question) - help needed?
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I have just started doing the books for a pub (using Sage).  The pub is VAT registered - I am ok with the supplier invoices.

What I would like to know is when entering the takings - cash/cheque & cr cards, do I have to take the gross figures, work out the vat & then include net figure (to ensure that when doing my vat returns I don't have to manually calculate).

A few people I have spoken to don't seem to know whether pubs charge vat.

I hope someone can help!

Many thanks - Terri

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Alison


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Hi

Whatever type of business sage can calulate the VAT. With pubs most of the time will be probably be cash, and some cheques and credit cards. With the cash if you have N/C 1230 as a cash bank account you would enter the takings as a receipt, key in the total amount, press calculate VAT button on Sage and this will work out the correct VAT. (I believe the 15% VAT rate is until end of this year so ensure you use a different VAT code from the 17.5% VAT Code as that will be needed in 2010. I have been using T11 for this 15% VAT rate, I think it is settings you go to tax codes to add or amend VAT codes.

With cheques it is same thing, receipt on the bank account.

If credit cards and the card company don't pay this straight away it is best to set up a credit card account in the banking section, then enter same as cash and cheque receipt and when it goes into the bank do a transfer from credit card account to the bank account.

Alison

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terriwardell


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Thanks for your help Alison - much appreciated.

Terri

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