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MTD - monthly import from EPOS

Should this be done daily?

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Just looking at monthly procedures for importing sales figures from our EPOS system, and am considering journalling in a full month at once for certain sales figures. 

Is this MTD compliant, or does it need to be daily sales?

Replies (9)

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By In a Daze
22nd Feb 2020 13:09

The correct way is to do daily sales figures. The system we use for our clients dose this automatically into Xero.

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ALISK
By atleastisoundknowledgable...
22nd Feb 2020 14:01

Technically you can’t manually post a journal. You should export the sales info to Excel, formulate the numbers, cut&paste to another Excel and import that journal. Technically, but who can be ar5ed. We post journals daily, not for MTD but so it makes PDQ etc reconciliations easier.

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Replying to atleastisoundknowledgable...:
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By SXGuy
22nd Feb 2020 19:53

Technically you can't cut and paste either.

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Replying to SXGuy:
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By johnhemming
23rd Feb 2020 13:14

That depends whether there is automatic mapping or not.

In general, however, all the data needs to be transferred by whatever mechanism before the return is submitted. Hence it does not have to be done every day, but it does need to have digital links back to the daily sales figures.

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By the_drookit_dug
24th Feb 2020 09:41

Just been looking at this:

https://www.gov.uk/guidance/vat-point-of-sale-retail-scheme-notice-7273#...

That would suggest to me that, although a record must be kept of the Daily Gross Takings (DGT), the VAT due may be calculated on a periodic basis, non?

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Replying to the_drookit_dug:
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By Wanderer
24th Feb 2020 10:01

Agreed, I've outlined the legislation before, interacted with the VAT notices, and came to the conclusion that the VAT calculations should be done quarterly.

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By kiwilondon99
24th Feb 2020 11:30

why is it not possible from the epos/till, to do a daily batchup -automated fromthe epso? may take an it bod to map and setup, but the accounting system will handle ?

automated & not cut+ paste - just check the daily batch. so far easier especially with multi sites...

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Replying to kiwilondon99:
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By the_drookit_dug
24th Feb 2020 12:16

EPOS system developer has the database locked down, won't even allow a CSV export. So it's printed reports for now - exporting them to PDF instead of hard copy is about as digital as it gets just now with this system I'm afraid!

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Replying to the_drookit_dug:
By Duggimon
27th Feb 2020 10:42

Your EPOS developer sounds like a problem needing fixed.

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