A new client is running Sage version 16 and is using VAT cash accounting, on the sales ledger a number of old transactions clear the sales account balances to zero but when I try and allocate them off it tells me that there is a vat mismatch. This appears to have happened where the receipt has been posted on account using T9 but the invoice has been posted using T1. Is it possible to allocate the transactions to clear them from the aged debtors report?
Many thanks
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Replies (5)
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Go in to client maintenance
and match up the tax codes.
This is a big bugbear of mine in SAGE as I have a number of CIS clients. The only way I know is to enter the invoice in full, then a credit note for teh CIS with a T1 and zero VAT so I can match the receipt. This then throws out the net turnover figure which has to be adjusted!
Change Tax Codes
As mentioned, change the codes in Error Correction so they match, make the allocations, then change the codes back again.
John
@ John, a lot of these transactions are in previous years and sage warns about making changes, is it still ok to do this?
Change Tax Code
Yes, it is OK to do as the changes have no impact on the financials.
John
Re CIS in sage
Hi Old greying accountant,
We have CIS clients on sage and cash accounting, We pay the sales invoice in full, then do a bank payment to a balance sheet nominal (usually set up as 1104) for the CIS stopped on a T9 code, keeps sales right and also a record of cis suffered on B/S
Hope this helps