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VAT and sage instant accounts - HELP!!

 Hello!

I've just started using sage instant accounts v15 for my business, a small shop. 

We have just registered for VAT so that we can claim it back. However, when entering purchases should I enter the price paid, including VAT, or excluding VAT. Since we will claim it back should I enter VAT as a prepayment instead or will sage do this for me?

Thanks for your help, as you can probably tell I am a complete novice when it comes to accounting software!

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VAT

When you enter the purchases, enter the Net amount and Sage wil automatically calculate the VAT based on the tax code.

John

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Please be careful...

please be very careful

suppliers invocies should be entered from the purchase ledger routine, but not all your suppliers may be VAT registered therefore not all invoices will have a vat element.  you can use the supplier record to assist by completing all record details - this will help the OP to post future paperwork.  It would be good practice to use this method ie purchase/supplier ledger rather than post directly to nominal - you would then find it very easy to work out who you have paid[eventually]  for what

be wary of cash payments for goods/services out off the till !!!!

as you are new to retail - your till may prove a very handy tool, if set up to record your income -  and the category  of your sales.  again some may or may not be subject to vat .  if you have a good IT bod he may assist in getting the till data straight into sage for you - by the category's [products etc ]  you need to control your business

 

consider EPOS software

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Please!

ask your accountant and if you have not got one find one quickly.

This is covered in the tutorials and in the help text, if you are having trouble understanding them then you need to get someone alongside you who can hold your hand.

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