VAT Reconciliation for cash accounting

Question asked by Graham Godley-McAvoy 6 years ago

Hi,

Would anyone be able to provide some guidance on how I can complete a VAT reconciliation for cash accounting. I've been asked to provide this by the accountant but don't know where to start, or what reports to use. Any help would be very much appreciated!

Graham.

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5 Replies

Hi Graham,

In that case you would need to refer this back to your accountant. These are the general things we look to but that appears to all be correct. The only other thing I can think of is, is the VAT owed on box 5 of the VAT return equal to the current VAT control balance?

We are unfortunately unable to provide accounting advice.

All the best,

Mohamed.

Best answer
6 years ago

Hi Graham,

That's not a problem at all. I hope I have been able to provide some assistance. Have a lovely day.

All the best,

Mohamed.

6 years ago

Thanks Daniel,

I wasn't looking for accounting advice, just some guidance on the process. I appreciate your attention anyway.

Cheers,

Graham.

6 years ago

Thanks for the reply Mohammed.

Bank is reconciled and is correct.

Yes, the opening VAT liability matches the reconciled closing balance last year.

The HMRC VAT bills are generated by the VAT return process in CB and post to the VAT Control Acc.

Cheers,

Graham.

6 years ago

Hi Graham,

Can I ask you the following:

  • Is your bank account reporting correctly and reconciled up to date?
  • Have you accounted for the opening VAT liability correctly?
  • Has the HMRC VAT bill been created (if you are using the VAT journal option - has the VAT journal been created)?
  • If you have created the payment to HMRC manually - have you coded this to the VAT control account (or VAT Payable, if you are using the VAT journal option)?

All the best,

Mohamed.

6 years ago

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