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Missing invoices and VAT

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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Julia
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Missing invoices and VAT

Post by Julia » 08 Jun 2015, 10:32

Please can you tell me how to correct input VAT on reconciled transactions. We had several purchases paid for by Debit Card for one of our project sites and the invoices/receipts were lost. To log them onto our system I issued dummy invoices with T9 code and paid them off. All transactions have been included in the Vat Return and reconciled, the bank also has been reconciled. The original invoices have now turned up - can I claim back the Vat and, if so, how do I do this on Sage?

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brucedenney
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Re: Missing invoices and VAT

Post by brucedenney » 08 Jun 2015, 11:15

You need to reverse out the original bank payment "dummy" entries as receipts on T9
then re enter them as "proper" payments T1
Do them all as one block so it is clear what is going on.
On the bank account the receipts should match off to the payments. I would do this as a single reconciliation all on its own.


If anyone has a similar problem where the entries were done as invoices rather than bank payments, you enter credit notes to reverse out the original entries and then the correct invoices and then match them off against each other.
(If you are on cash accounting you can not match them, you have to pay them and refund them via the bank)
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Julia
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Re: Missing invoices and VAT

Post by Julia » 09 Jun 2015, 07:39

Thank you Bruce - obvious now you've pointed it out!

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