Vat error
Posted: 19 Nov 2016, 09:28
HI,
I am checking each of our spplier accounts and there is a payment on account that hasnt been allocated to the invoice which has been posted onto Sage. When i try to allocate i receive a message about there being a difference on the tax element. The payment on account has been posted at 20% tax but only part of the invoice is vat reclaimable. So we have claimed £15.00 too much. What is the best way to account for this being that the payment and invoice are for the last financial year.
I am checking each of our spplier accounts and there is a payment on account that hasnt been allocated to the invoice which has been posted onto Sage. When i try to allocate i receive a message about there being a difference on the tax element. The payment on account has been posted at 20% tax but only part of the invoice is vat reclaimable. So we have claimed £15.00 too much. What is the best way to account for this being that the payment and invoice are for the last financial year.