Accounting period, lock date, VAT reports

Hello there, I hope someone can help me; I am new to my company and new to Sage and have a query regarding the dating of documents and the accounting period it falls in to.

I understand there is no period end function as such, although Date Lock can be utilised... I want to prevent back-posting so that my management accounts are accurate, but I need to use Sage to produce the VAT reports. I have 'banned' all May and prior posting but we've got some April and May invoices that have trickled in. How can I ensure they are entered in the correct accounting period of June, but show in the VAT summary as an April tax-dated doc?

Many thanks for any guidance.

Comments
scalloway's picture

Journal

scalloway | | Permalink

I would enter them at the correct date then journal them out to a balance sheet code. Do a further journal to tranfer them into the period you want.

Witch-Queen's picture

Tax Point

Witch-Queen | | Permalink

I understand you not wanting to change your management accounts, however if an invoice is dated April then it's Tax Point date is April and should be entered as such for VAT

If you really want these values to then show in your June management accounts, I would suggest you post an accrual journal in April and reverse it in June.

If you would like to discuss this further email me at witch@witch-queen.com and I will reply with my phone number

Karen

AKA Witch-Queen

Christop51's picture

I think I would prefer Witch

Christop51 | | Permalink

I think I would prefer Witch-Queen's solution as costs need to be shown in the month to which they apply.

If a known 'late' cost estimate is posted to an accrual account, the over/under estimate(s) can then hit the current management account period.

As management accounting is not a science, general accruals need to made appropriate to the size of the business.

Many thanks

danielle_lkm | | Permalink

... for your assistance folks! I am resigned to the journal approach. :)

We'll post the source transaction per the tax date and I'll remove it from the earlier period by journal and release it in the current period. None of these are significant items and they'll lessen as we go along so we'll treat them as a batch I think. I'll lock and then unlock the dates as appropriate.

The issue I have is that we have 3 standalone companies in Sage, each with a slightly different structured CoA, and so every time anything moves I have re-consolidate and it's a messy business. Thanks for the help.

 

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