Difference in P&L and TB

Hi - please help!

Vat Liability a/c has figure of £3k-ish, same figure in TB and on nominal list.

On the P and L the figure is £300 higher - how do I trace this difference?

Thanks

Comments

P&L

johndon68 | | Permalink

Not sure I follow, the VAT Liability account does not appear on the P&L, it's a Balance Sheet account...

John

TB different from reported values

jason.raikes | | Permalink

Give me a call on 07776 307 037 and I may be able to help.

Regards,

Jason

Check your COA

sarah douglas | | Permalink

Hi 

I would check the set up of your COA first within the company module and have a look at the range of codes as that may be want is causing the problem

-- Kind Regards Sarah@ Douglas Accountancy & Bookkeeping Services, Glasgow

Balance sheet - sorry

bunnysnap | | Permalink

Apologies - I meant to say Balance Sheet.

Jason I will not be infront of the computer till 6 tonight is that too late to call? I just don't understand why when I open up 2202 (Vat Liability a/c) it has a figure which is the same as on the nominal lists, and obviously balances with my actual, submitted VAT returns but whe I process a Balance sheet it ups itself by almost £300.

I have checked (I think in the right way) the codes set up so I don't think it's that. Is it possible it is the difference in the debtors and creditors at year end? Does the fact that we have no purchases (we only have expenses) in the year make any difference? How do I access this "new" B/S figure to check what it is made up of?

If it is ok to call after 6 please let me know as I will hold off the crying till then..

info.woods-squared.co.uk's picture

Chart of Accounts or Dates of Reports

info.woods-squa... | | Permalink

From reading your post the only things that I can think it might be are:

1. Chart of Accounts - you can check this easily by going to the COA tab within nominal and clicking check although it is unlikely that this is the reason as account 2202 that you mention is one of the standard nominals in sage so should already be included in the chart

2. Date of Report - the TB and Nominal show the up-to-date figures wheres the balance sheet runs to the month end - have you checked running all reports to the same date

If the above doesn't work then do you know when the balances all last agreed?  This would at least help to narrow down the issue

Different TB and reports

jason.raikes | | Permalink

Bunnysnap,

After 6:00pm is fine.

Regards,

Jason

Thank-you!

bunnysnap | | Permalink

In the last 2 hours I have made a discovery! My Purchase ledger Tax is being directed to the Current Assets section and that's why I couldn't see it in the nominal list in the Current Liabilities section - is this normal? And if not how do I fix it please? (and thanks to everyone and Jason!)

 

info.woods-squared.co.uk's picture

'Floating' Nominal

info.woods-squa... | | Permalink

The VAT nominal is usually set up as a floating nominal within Sage which means that if it is money that you are owed it will be included within current assets but if it is money that you owe it will be within current liabilities.

If you want it always to be within current liabilities then you would need to amend this within the Chart of Account settings.

Good luck!

Editing Chart of Accounts

bunnysnap | | Permalink

Hi

Before I dedicate myself to another evening at staring at the big green screen could anybody possibly give me step by step, button clicking guidelines of how I access the Chart of Accounts to edit it so that my Purchase Tax goes into the Current Liabilities section please?

Many thanks

Editing COA

johndon68 | | Permalink

Go to Company -> COA, select the relevant COA and choose Edit - the COA window will appear, select the relevant section on the left and the nominal code ranges will appear on the right hand side with the floating accounts at the bottom.

John 

keithas's picture

Maybe I'm Missing the Point

keithas | | Permalink

The way I run Sage and, up to now, thought was standard is that the VAT Liability A/c and the BS figure for VAT are rarely the same.

At the time of running a VAT Return, all the figures relating to that return are transferred from the Control A/cs to the VAT Liability A/c. This means that the net figure from the return is shown in this account until the date it is paid.

Subsequently any transaction involving VAT will go into the Purchase Tax and Sales tax Control A/cs. The BS figure at any time will be the sum of these three accounts, thus it will only be equal to the VAT Liability A/c immediately after running a VAT Return before any new entries are posted.

Keith

 

VAT Liability

Stardoe | | Permalink

Hi there,

The Balance Sheet in Sage shows the movement on the accounts for the period in question.  The VAT Liability on the Balance Sheet covers a range of accounts - namely 2200 - 2209.  So your VAT Liability figure comes from the movement (or transactions) on the Sales Tax Control a/c and the movement (or transactions) on the Purchase Tax Control a/c and any other accounts (such as manual adjustments) that you have in that code range.

If you run a nominal activity report for the code range 2200 - 2209 for the period of your Balance Sheet, deduct the debit entries from the credit entries and you should find that this equals the figure that appears on your Balance Sheet.

Hope this helps!

Pauline

Thanks to everyone :-)

bunnysnap | | Permalink

Just to say many thanks for the explanations and instructions. I only use SAGE for one client, for 2 days, every quarter and it's brilliant to have such quick, well-explained help from this community. It was easier 20 years ago with a pencil and a rubber and a T account...

Thanks again.

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