Vat Sage Correction
I need to get around this entry in Sage .
Company is on Vat Cash Accounting Scheme , I had Bank Payment recorded as Payment on Account to Supplier (using tax code T1).
Supplier Later refunded that whole amount(due to incorrect name on chq) and then we Recorded as Bank Receipts to Suspense a/c using (T9).
Please Could any body tell me How to credit the supplier again and correct input vat claimed earlier on Payment on account.
1- Supplier A/c(Dr)
Bank (cr) as Payment on A/c using T1 tax code.
2- Bank Dr (T9) code
Suspense a/c (T9).
Now i need to Credit the supplier again and correct input vat claimed as per entry 1. We are operating Vat Cash Accounting scheme ...
Your help would be appreciated .
- Limited company built a property and the client has made this messy 117 4
- Transferring rental property to limited company 345 12
- Separate companies same Director buy from each other 774 19
- 2012 13 HMRC QUERY 464 7
- Company Number 10000000 266 4
- Advertising Tips? 243 7
- Auto enrolment confusion 1,499 29
- IR35 345 5
- Exclusion of single director companies from the Employment Allowance in 2016/17 360 12
- Revenue phishing examples 162 1
- iris update 11.9.2 168 2
- Land Registry 210 2
- VAT Box 7 and supplies from unregistered traders 443 13
- 2015 tax year end 521 1
- Company Structure 264 8
- Client tied in to accountant. Unfair contract? 2,316 25
- Not renewing AAT 1,466 14
- Cloud-based email services? 270 6
- Dormant co. now trading 331 9
- Entrepreneur - want to submit accounts by myself 1,715 21
- Self employed and HMRC Worldwide Subsistence Rates 729
- Interest paid - do new rules affect Tax Credits? 430
- Self employed consultant working in Ireland 370
- Costly Accounting Software contract 353
- Directors' advances and credits 280
- Market Invoice (P2P invoice discounting) tax treatment 259
- DTA tie-breaker issue 249
- Tax on internet ad sharing income 232
- Credit against UK NI for NI paid to EEC Countries 208
- CGT for NOn UK residents 195