The Book-keepers Forum (BKF)

Post Info TOPIC: Wrong VAT code, VAT Reversing entries, Sage 50 Cloud


Newbie

Status: Offline
Posts: 1
Date:
Wrong VAT code, VAT Reversing entries, Sage 50 Cloud


Hey guys,

Seasonal greeting and best wishes for 2024!! biggrin

Could you, please, help me?

The Company migrated to a new software - Sage 50 Clouds in the mid of 2023. Transactions with the wrong VAT codes (Postponed VAT Code T39, T40, T43 in ) were posted to Sage 50. And as far as I understood they were either allocated or paid. So we cannot delete or edit those entries. no

We pulled a Day Book Report (for both Invoices and Credit Notes) to see all wrong transactions. Debits and Credits for all wrong entries are a great match. But they are anyway all show up in my Audit Trial Report. The thing is that I am just learning with the flow.

Could you, please, help me to write, probably, journal entries, to remove all wrong VAT codes from my reports. Just in case, we have 16000 entries in total with approximately up to 4000 entries with the wrong code. If only its relevant to my enquiry. 

Please, please, help. 

Many thanks in advance.   



__________________


Member

Status: Offline
Posts: 5
Date:

You cant use journals to change VAT codes. You do not say if your VAT returns are right or wrong, if the latter you will need to update HMRC (if over limits you will need to do separate notification outside of VAT return). Unclear and if you have closed down periods or year ends, so this needs to be considered carefully too. Suggest you speak to the company Accountant before there is more of a mess made.

__________________
Page 1 of 1  sorted by
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About