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VAT Reconciliation Problem

Hi - this is going to sound like a stupid question but I really can't get my head around this.  I've just submitted a VAT Return (Cash Accounting) and have since discovered there are duplicated payments on account for customers - noticed when doing the bank reconciliation.  How do I correct this?  The customer accounts need to show that the amounts are outstanding and my bank reconciliation screen should not show these payments on account.  I'm only a book keeper and really need some guidance here.  The more I think about it the more confused I become!  Any help you can provide would be much much appreciated!

Marley :(

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By Old Greying Accountant
29th Dec 2012 10:42

You will need to ...

... tell us how the duplicated receipts were posted, are you using a book-keeping program or a manual system or excel sheets?

Sounds like debit debtors and credit bank, but I need to know what you did for the VAT return, it may just be a matter of amending the next return to reclaim the VAT overpaid, or if cash flow is tight making a separate claim for it.

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29th Dec 2012 21:58

Re: VAT Reconciliation Problem

Are you using Sage?

From the way you have worded the question it sounds like it, and the problem you are having is that Sage will not now allow you to delete the duplicate payments because, as you have run the VAT return, they are now locked

If this is the case, it is very easy to correct.

email me at [email protected] and I will reply with my phone number and talk you through it.

I will them post the answer here for anyone else who would like to know

Karen

AKA Witch-Queen

 

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