Annual VAT accounting (paying installments to HMRC)
Posted: 09 Apr 2008, 15:21
Hi there,
I've recently bought Sage 50 Accounts (2008) for my company and am currently entering all the transactions since last June. In September we began paying our VAT on the Annual Accounting Scheme, whereby we direct debit £935 to HRMC every month.
What would be the best way to record this in sage? Would I have to manually post journals each month, transfering from Control to Liabil A/c? eg-
2200 Sales VAT Control account - £935 DR
2202 VAT Liability Account - £935 CR
Then
1200 Bank Account - £935 CR
2202 VAT Liability Account £935 DR
Help is much appreciated!
Thanks v much
I've recently bought Sage 50 Accounts (2008) for my company and am currently entering all the transactions since last June. In September we began paying our VAT on the Annual Accounting Scheme, whereby we direct debit £935 to HRMC every month.
What would be the best way to record this in sage? Would I have to manually post journals each month, transfering from Control to Liabil A/c? eg-
2200 Sales VAT Control account - £935 DR
2202 VAT Liability Account - £935 CR
Then
1200 Bank Account - £935 CR
2202 VAT Liability Account £935 DR
Help is much appreciated!
Thanks v much