Expense receipt from previous quarter not included in VAT return

Expense receipt from previous quarter not...

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Hello

Can you please help me with this situation: An expense receipt for Aug14 has been just found. Because it was missing it wasn't included in the previous Vat return. I've just started entering the August expenses into Sage and recorded the missing receipt as a bank payment (paid by BACS via company's bank account). Therefore the expense is now recorded in the system (with VAT code T1 as it is VATable service) but has not been included in the VAT return.

Can this expense be included in the next quarter's VAT return? If so, how do I deal with it in Sage.

I will appreciate your help.

Thank you.

Replies (6)

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By Gem7321
30th Oct 2014 16:30

Just delete the bank payment or enter a bank receipt to reverse it then enter it correctly.  If you have already reconciled the VAT transactions on sage it will automatically appear on the next return.  I'm assuming the amount is fairly small? 

 

If you haven't submitted the return yet you can still get it on this return.

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Replying to Wilson Philips:
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By Madi
30th Oct 2014 17:14

Bank payment

Gem7321 wrote:

Just delete the bank payment or enter a bank receipt to reverse it then enter it correctly.  If you have already reconciled the VAT transactions on sage it will automatically appear on the next return.  I'm assuming the amount is fairly small? 

 

If you haven't submitted the return yet you can still get it on this return.

 

The amount is over £400. If I delete the payment then the August bank will not reconcile. The payment actually was made in August so it appears on August bank statement. Can I delete it in this situation?

I haven't reconciled the VAT transactions on Sage. First I need to enter all transactions for this year.

 

Thank you.

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keep calm and have a cuppa
By tbk
30th Oct 2014 19:22

Sage should deal with it...

You don't need to delete the bank payment, leave it per the date it was paid from the bank, Sage will detect that it is a new transaction for the VAT return and include it in the next VAT return - you will be able to see it in the Detail report.

Thanks (1)
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By claudialowe
31st Oct 2014 10:39

It will deal with it

When you generate the VAT return, Sage will say something along the lines of "x items found including y items unreconciled from a previous period, do you want to include these" - select yes, and it will include them.

 

Thanks (1)
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By Louy
10th Apr 2015 21:58

Vat return
Hi, I have done a vat return but it's picked up four items from previous month, thought I was being careful with the dates but clearly not, will it be ok at it clearly states December 2014, when the return is jan-March 2014?

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By Louy
10th Apr 2015 21:59

Vat return
I mean Jan-March 2015

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