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VAT sales figure is different to sales figure on P&L

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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ck1974
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VAT sales figure is different to sales figure on P&L

Post by ck1974 » 09 Nov 2010, 12:12

Hi there,
This is my first post so please be gentle.
I have just run my year end and the total sales figure is coming in at £310k, I have run the vat for the same period and that states the sales are 312K, I have been through the transactions and they are all for the current year, there is no overlap so I am a little confused as to how this can happen.

Any info on how to solve the problem or what might cause it would be greatly appreciated.


Thanks


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brucedenney
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Re: VAT sales figure is different to sales figure on P&L

Post by brucedenney » 18 Nov 2010, 10:39

There are several reasons,

I suspect a backdated transaction from last year.

Run the detailed VAT report and compare at the transaction level.
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