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How to post VAT penalties

Sage 50 general help forum - Free help and support for all general issues
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Sharone
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Joined: 09 Feb 2008, 11:44
Sage Version: v12 UK/Europe/Africa

How to post VAT penalties

Post by Sharone » 04 Aug 2011, 16:57

Hi, I need to know how to post VAT Penalties levied, i.e. Nominal Code etc., I'm assuming these should not be entered under VAT Liability.

Thanks :oops:
shaz
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brucedenney
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Joined: 28 Feb 2006, 09:56
Sage Version: v30 UK/Europe/Africa

Re: How to post VAT penalties

Post by brucedenney » 10 Aug 2011, 12:20

You need a cost account in the P&L (I would put it around 79xx) you journal CR to that account and DR to 2202
(if you are on a recent version of sage 50 and use the VAT adjustment option this puts it to 2204 so you journal to that account instead of 2202 and the account should zero out after the journal)
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