MTD and what needs recording

How much detail is required ?

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I have started preparing clients for MTD and submitting VAT returns, and have hit a stumling block with pubs.

At prestent I enter sales into the accounting system by running a weekly report from a POS system and then entering this by journal into the accounting system and reconcile cash and PDQ receipts on a weekly basis. Under MTD I believe that I will not be able to do this as the POS system or the till, in the absence of POS, are the prime electronic recorders of the sales information.

Going forward if I can link the POS sytem to the accounting system do we have to report every transaction or can we report daily, week or even monthly totals. 

Replies (6)

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By bernard michael
30th Jul 2018 14:53

Do we actually know officially ?

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By In a Daze
31st Jul 2018 11:00

The EPOS system we use posts the information daily off the Z reports and attaches the report to the transaction.

It also posts any cash payments made out of the till and again attaches the receipt to the transaction,again this is done on a daily basis.

All cash and card transactions are posted correctly and so are the the till surpluses and deficits.

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By Duggimon
31st Jul 2018 11:20

You need daily totals, weekly isn't sufficient. You don't need a digital link between the till and the accounting system.

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Replying to Duggimon:
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By JonWright-ConceptAccounts
02nd Aug 2018 14:42

Are you sure - HMRC specifically say "Customers who currently record daily totals can continue to do so, but they have to be captured digitally." The essence of MTD is to remove human error and eliminate transposition errors etc? Would this not imply a digital link is required?

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Replying to JonWright-ConceptAccounts:
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By Smalltalk
03rd Aug 2018 15:02

JonWright-ConceptAccounts wrote:

Are you sure - HMRC specifically say "Customers who currently record daily totals can continue to do so, but they have to be captured digitally." The essence of MTD is to remove human error and eliminate transposition errors etc? Would this not imply a digital link is required?


that's my understanding as well.
Just couldn't figure out how the hell for businesses who operate cash sales, or without till, would be able to compile ? can't they just type in a spreadsheet to get total sales for the day, then accountants transfers the figures to accounting software?
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Replying to JonWright-ConceptAccounts:
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By Smalltalk
03rd Aug 2018 15:03

JonWright-ConceptAccounts wrote:

Are you sure - HMRC specifically say "Customers who currently record daily totals can continue to do so, but they have to be captured digitally." The essence of MTD is to remove human error and eliminate transposition errors etc? Would this not imply a digital link is required?


that's my understanding as well.
Just couldn't figure out how the hell for businesses who operate cash sales, or without till, would be able to compile ? can't they just type in a spreadsheet to get total sales for the day, then accountants transfers the figures to accounting software?
Thanks (0)