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Post Info TOPIC: VT Question on sales that need VAT entered


Master Book-keeper

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VT Question on sales that need VAT entered


Is there a quick way of "adding" VAT to sales already entered?  Partly my fault but the client has entered all the sales gross but the drop down box was on no vat. I just wondered if there was a quick way of entering the VAT and making the sales income nett.  At the moment I am adjusting each sale individually.  Only 4 months to adjust immediately but its a bit of a ball ache.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Hi John
Get the report for the sales for the appropriate period (adjusting for any you have already done), then journal out, debit, from sales (No vat) £xx and credit to VAT. Cannot recall - is there a VAT sales control account? Only thing without having a play is Im not sure how you process the credit to VAT, for it to be pulled forward into the VAT retrun (Sage working a bit different to VT), so worth a backup, test run, test run of VAT, restore if required.

Lucky we arent on MTD yet! wink



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Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

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Ok, just had a test run of that on VT. The VAT element is correct (box 1), but box 6 is still showing the gross sales so would flag up (potentially) at HMRC as then box 1 is not 20% of box 6.

Reckon you might need THE BOSS for this one!



-- Edited by Cheshire on Tuesday 5th of February 2019 04:04:03 PM

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Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

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Cheshire wrote:

Ok, just had a test run of that on VT. The VAT element is correct (box 1), but box 6 is still showing the gross sales so would flag up (potentially) at HMRC as then box 1 is not 20% of box 6.

Reckon you might need THE BOSS for this one!



-- Edited by Cheshire on Tuesday 5th of February 2019 04:04:03 PM


 Thanks for trying Joanne.  I'll drop him a line.  If push comes to shove I'll manually adjust the VAT return then do them individually afterwards.

You're right I am glad MTD hasn't already started lol.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Is this one you are on a a deadline for tomorrow? How many entries?

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Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Expert

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As ever, I'm on the wrong computer, so I can't check what options there are - but a quick and dirty solution* (which should work in any package) would be deal with it en mass by raising a single credit note for the grossed sales, followed by a single sales invoice with the corrected net & VAT. (And when I say single, I mean one for each month).

* And is untested.**

** In any package.

Edit: Forgot to add that, as Joanne said for her journal suggestion, obviously take into account the sales you've already adjusted individually. This is basically the same solution, but using invoices and credits rather than a journal, so *shouldn't* go awry as the test of the journal method did.

And an afterthought: If the client's VAT is on a cash basis, this is where it might get messy. I'd hope that allocating the credit against the invoice, so they're both marked as 'paid', would do the trick.

 



-- Edited by VinceH on Wednesday 6th of February 2019 09:11:04 AM

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Vince M Hudd - Soft Rock Software

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Master Book-keeper

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What a star you are Vince, that works.

Set up a dummy customer account John, key Credit note - no vat, Sales invoice VAT for whole adjustment. VAt return only picks up correct info - well it did on the quick test Ive just done. (Dont go back altering your other stuff even after the VAT return as the suitably worded CN and SI will be enough for audit purposes)

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Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

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I think that will work better than the suggestion on aweb, as you still have the original transactions and don't have to repost them using the universal sheet, although that wasn't a bad work round.  Vince, thank you very much, that will be a maoosive help  I do have some paypal sales that I manually adjusted yesterday (thankfully only a month and a halfs worth as they weren't all entered so I'll copy all sales to excel, delete the paypal ones and get monthly totals for the rest.

Joanne, special thanks to you as well, as I know you're up against it with VAT returns as well, so very much appreciate your help in testing.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Worked a treat Vince, thank you so much.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Leger wrote:

 

Joanne, special thanks to you as well, as I know you're up against it with VAT returns as well, so very much appreciate your help in testing.


Absolutely not worthy of special thanks - that HAS to go to Vince, what a star!

I was not wanting to do any of my piles of work this morning and waiting on clients for the rest of the VAT (flurry of craziness this afto so I guess I had better do some more now!)

So glad that you sorted it out relatively easily compared to initial thoughts.   That process would even pass MTD (methinks!).  Talking of which I just wasted a bit more time making a list of when its likely to be mandatory to file under MTD, to make sure its not for my worst couple of clients whilst Im away, assuming the car crash that it is isnt pushed back (cant see it as HMRC sound like they are digging in their heels on that latest madness!)  Thats me done with MTD until much much closer to the time.



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Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 

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