Sage Line 50 VAT Cash Accounting
I have a client who was on VAT cash accounting who deregistered and I prepared the final VAT return. The Vat return just would not reconcile back to net balance of the 2200, 2201 and 2202.
There were outstanding debtors or creditors all balances were “Zero” on both debtors and creditors so I just could not understand why it would reconcile by a miserable £4.69 and was tempted to put in an adjustment for the amount instead of spending hours on it. However I persevered and found the cause. One of the suppliers had issued an invoice for £31.49 inclusive of VAT back in early 2010. A credit note was received for the same amount and matched up with the invoice and as such the Invoice was not paid.
I deleted both the Invoice and Credit note and reposted the Invoice and paid it posted the credit note and recorded a refund from the supplier (this corrected the bank reconciliation) and now the VAT report balances exactly to balances from accounts 2200, 2201 and 2202.
If anyone comes across something like the above scenerio it might be worth your while to check the above.
- How much state pension will client lose out if drops salary 213 3
- Changing shareholding ratio 1,100 9
- Time to react ? ? ? 346 5
- Anyone else experiencing issues with sage 50 payroll 247 6
- Company Share Buy Back 176 3
- Hello 396 3
- Are any of you members of The Institute of Financial Accountants - Accountnats certificate 965 16
- Are you going to Tick and Bash on 21 May? 1,913 53
- Sage 200 question 147 2
- Guaranteed rents - which is the turnover? 156 3
- flat rate scheme 1,953 38
- which accounts package for busy hairdressers? 155 1
- How much would you charge for an interim audit? 650 9
- Charitable Payment 220 4
- Unpaid share capital 270 3
- Company car in the LLP 210 2
- Physiotherapy 357 4
- New build property to be rented 217 4
- Spanish Assets taxation - UK Residence 138 2
- Ltd Co and Fully Paid Shares 225 5