Question asked by Paul Walpole 8 years ago
Hi,
When completing our last VAT return we missed some purchase invoices off the calculations by mistake. How do we make sure they are accounted for in the new VAT quarter as their paid dates would be in the last already submitted quarter?
We cash account.
Cheers Paul
Ahhhh that's a bit fiddly. You may need to check with your accountant but it's likely that s/he will bring forward a spare VAT debtor for the missed VAT claim and so it might be better to record a pure VAT journal entry dated 31 Jan.
You accountant may need to help you but (In Tools > Journals) you create a journal and enter a debit for the VAT to the VAT control and tick the VAT purchases box, do a debit to any expense account for the net purchases missed and again tick the VAT purchases box then put credits for the same sums to the same accounts but leave the VAT boxes unticked.
This will have a nil effect on the books but will stick the VAT in box 4 and the net in box 7.
I HOPE!
Best answerHi Paul
Just account for them as normal, but when doing the next VAT return make sure you tick the "Include late invoices" checkbox and it will bring them into that return.
Thanks Paul,
Just to get this clear in my head the system will automatically log the input onto clear books date then add it to the return even if the "invoice date" and paid date are from an earlier period.
Just to confuse matters this is the first return we'll be processing on the clear books system.
Cheers Paul
Sorry confused here, how long have you been doing the books on CB? For example did you keep the books on CB last quarter but submit the return elsewhere? or where the books kept on another system up to the last quarter?
If you've lots of historic data on CB but have never processed a VAT return on CB, ie created a return (whether submitted or not), then if you now create a return and tick that box, it will assume none of the previous entries have ever been on a return and so bring them all into the new quarter.
In such situations people usually create returns in CB just to mark the entries as having been returned and stopping them from being brought into later returns with the tick box.
So in normal circumstances, also being on cash accounting, if I did my last return to 31 December without having processed a few payments they would have been missed from the December return. If I now go back and process those payments (from pre 31 December) it creates virgin VAT entries in the VAT control account and so, when I do the March return AND tick the box, they will appear on that return.
No worries Paul, we have come off accounting on spreadsheets to using Clear Books. Our VAT quarter is Nov to Jan so we've entered all purchase and sales invoices that were paid during this period. The invoice in question was missed off the last VAT return as it was missed when reconciling our bank accounts. So the invoice and payment date are in the previous return date range.
Our year end is Oct 16 and our accountant is finalising trail balances to put on the system so want to ensure everything will tally up.
Hope this makes more sense!!!
Cheers Paul
Ahhhh that's a bit fiddly. You may need to check with your accountant but it's likely that s/he will bring forward a spare VAT debtor for the missed VAT claim and so it might be better to record a pure VAT journal entry dated 31 Jan.
You accountant may need to help you but (In Tools > Journals) you create a journal and enter a debit for the VAT to the VAT control and tick the VAT purchases box, do a debit to any expense account for the net purchases missed and again tick the VAT purchases box then put credits for the same sums to the same accounts but leave the VAT boxes unticked.
This will have a nil effect on the books but will stick the VAT in box 4 and the net in box 7.
I HOPE!
Best answerThanks Paul I'll pass this on to the account :)
You must 