Not Vat Registered Help Please
I have a new client to provide book keeping duties
previously a family member has been inputting data to a sage accounting package
my client has formed a limited company but in not vat registered
however all the suppliers invoices have been entered as if he was vat registered using T1
can anyone give me advice on the quickest way to amend the entries
seems alot of work was wondering if I should just journal out the VAT and debit
the relevant nominal codes
any advice would be much appreciated
regards
yves
previously a family member has been inputting data to a sage accounting package
my client has formed a limited company but in not vat registered
however all the suppliers invoices have been entered as if he was vat registered using T1
can anyone give me advice on the quickest way to amend the entries
seems alot of work was wondering if I should just journal out the VAT and debit
the relevant nominal codes
any advice would be much appreciated
regards
yves
0
Comments
-
I think the journal you suggest is a good solution. Unless you are hoping to produce monthly management accounts for earlier months it would probably be quicker to ignore the date of the original transactions and post all of your journal entries in one batch dated the same day - eg 31st March 2008. Hopefully all your erroneous postings and the adjustments will be in the current financial year.
If I was doing this job, I would generate a nominal activity report for the Purchase Tax Control Account, download it to a .csv file, analyse by cost to calculate the total adjustment for each expense code, and post a journal with totals for each of the relevant nominal accounts.
regards
Sheelagh0 -
Hi Sheelagh
thanks for your input
I think i will be doing a journal just needed the opinion of others to confirm my plan of action was the correct and best way
thanks again
yves0
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