VAT REGISTRATION EFFECT ON LAST YEAR'S ACCOUNTS AND IMPLEMENTATION IN SAGE

Dear Members,

Please help me out with the following question:

Company has become VAT registered as of 01/12/2011 and there are some assets and stock from 05/11 accounts which are still in hand and hence VAT can be reclaimed on them, however in 05/11 (31/05/2011) y/e accounts they were shown as gross. My question is two-fold:

1) Accounting wise, do i have to prepare fresh set of 05/11 accounts with amended stock and fixed asset figures (i..e net) and 

2) How do i reflect this in sage? (the easiest option would be to amend those stock entries breaking them down into net+vat (in file maintenance), then sage will automatically pick them up during the vat return

Many thanks,

Alex

P.S Why do people prefer vt t+ over Sage? I've used both and find Sage a bit quicker to enter and slower to edit (however, vt final accounts is the best for accounts!)