I must be doing something incompletely because when I write off a sales a/c bad debt, I have to post the vat portion separately and after the event.
There must be a setting somewhere that debits the bad debt control a/c and the vat control a/c?
Need more, need help now?
- - - - - - - - - - - - - - - - - - pay-as-you-go support - no contract - tenth of an hour billing - expert help - fast service - no call queues
Need integration?
- - - - - - - - - - - - - - - - - - with your shipping system - website - invoicing system - crm - cms - manufacturing - order import - back to back orders..
Need a report?
- - - - - - - - - - - - - - - - - - Excel reporting that pulls data from Sage - custom layouts - layouts that change adapt to your brands and/or for drop shipping.
Want web hosting?
- - - - - - - - - - - - - - - - - - Your own domain name - email - a shop - wordpress - woo commerce - ticket systems - help desks - forums - portals
- - - - - - - - - - - - - - - - - - pay-as-you-go support - no contract - tenth of an hour billing - expert help - fast service - no call queues
Need integration?
- - - - - - - - - - - - - - - - - - with your shipping system - website - invoicing system - crm - cms - manufacturing - order import - back to back orders..
Need a report?
- - - - - - - - - - - - - - - - - - Excel reporting that pulls data from Sage - custom layouts - layouts that change adapt to your brands and/or for drop shipping.
Want web hosting?
- - - - - - - - - - - - - - - - - - Your own domain name - email - a shop - wordpress - woo commerce - ticket systems - help desks - forums - portals
VAT ON BAD DEBTS
- brucedenney
- Site Admin
- Posts: 4631
- Joined: 28 Feb 2006, 09:56
- Sage Version: v28 UK/Europe/Africa
Re: VAT ON BAD DEBTS
Are you on Standard VAT Accounts / Cash Accounting or a Flat rate scheme?
Assuming Standard Accounting
==========================
What you describe is normal, by default, debts are not available for Bad Debt Relief, there are a bunch of criteria that need to be met.
http://www.hmrc.gov.uk/vat/managing/rec ... -debts.htm
You need to do a separate journal to reclaim Bad Debt Relief
The Journal is from your Bad Debt to Sales Tax (assuming Sales invoice) It is T9 on the Bad Debt and T1 on the Sales Tax account.
Assuming Standard Accounting
==========================
What you describe is normal, by default, debts are not available for Bad Debt Relief, there are a bunch of criteria that need to be met.
http://www.hmrc.gov.uk/vat/managing/rec ... -debts.htm
You need to do a separate journal to reclaim Bad Debt Relief
The Journal is from your Bad Debt to Sales Tax (assuming Sales invoice) It is T9 on the Bad Debt and T1 on the Sales Tax account.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
Who is online
Users browsing this forum: No registered users and 1 guest