Started with CB on 1st April. Vat qtr begins 1st May - used 'old' system to settle VAT prior to 1st May - how to get CB to agree

Question asked by Graeme Loudain 11 years ago

Hello,

I began using CB 1st April 2014, at start of my financial year.

I used CB to calculate my VAT for the qtr 1st May to 31st July 2014 successfully.

However, for the qtr prior to 1st May, which included my first months use of CB, I used my 'old' system.

On the balance sheet, values are shown in VAT control for April (and prior because of opening balances) that should be zero.

Can I rectify this in any way?

Thanks

Graeme

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2 Replies

Hi Graeme,

What you'll need to do to rectify this is find out your VAT liability as at 1st of April 2014, once you have this information head to Settings > Getting started > Other Balances and where you see the VAT control account, you will need to manually enter in this VAT liability amount and click the update button in the bottom. But I would consult with your accountant just to confirm.

All the best,

Shaz

Best answer
11 years ago

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