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VAT

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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admabr
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Joined: 25 Feb 2015, 16:14
Sage Version: v2013 19 UK/Europe/Africa

VAT

Post by admabr » 25 Feb 2015, 16:25

Hello

Our company has been on a VAT Cash accounting scheme. However since we're reached a certain level of the turnover the tax office requested that we switch to the Standard/Invoice accounting basis. would anyone here advise what is the procedure to follow on Sage 50 Professional 2013?

Regards
Adam

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brucedenney
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Joined: 28 Feb 2006, 09:56
Sage Version: v28 UK/Europe/Africa

Re: VAT

Post by brucedenney » 26 Feb 2015, 09:59

Well.....

It is complicated so backup lots of time and at each step.

You do your final VAT return under cash accounting
Then change the setting to use standard accounting it is in Settings > Company Preferences > VAT.

The problem at this point is that some things eg invoices will be skipped or duplicated by the change.

To find these you need some extra reports
go to sage.co.uk/au and download the Additional reports Backup from the Reporting Updates section, it is down the bottom of the list.
Restore the backup to install the reports.

In Customer Reports you will now have VCA to Standard>Vat Cash to Standard - Reconcile Sales VAT Control report
in Supplier you will have a similar report
In the bank you will have 2 reports one each for Purchase and Sales

You run all these reports from the earliest date to the date of the end of your last VAT return.

Run the new vat return after calculating go to adjustments and adjust the figures in each box using the reconciliation values.
You will need to correct the VAT journal to account for these.
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admabr
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Posts: 3
Joined: 25 Feb 2015, 16:14
Sage Version: v2013 19 UK/Europe/Africa

Re: VAT

Post by admabr » 27 Feb 2015, 09:21

Hi Bruce,

Thanks for this. I'll be doing this exercise next week, so fingers crossed this will work!

Regards
Adam

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