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Cash Book (unit 1 & 2)

carlyloucarlylou New MemberRegistered Posts: 13
Hey Everyone, could you please help me.

Recently done my unit 1 simulation and im doing my unit 2 tonight.
I seem to keep getting into difficulty with the entries into the cash book. i'm not sure when making the entiries I enter the VAT? If they have had an invoice (unit 1) the vat has already been calculated so I dont need to enter it in the cash book....is that right??
and any other advice for unit 2 simulation would be great.

Thank You xxxx

Comments

  • Sweetpotato ChipsSweetpotato Chips Well-Known Registered Posts: 173
    carlylou wrote: »
    Hey Everyone, could you please help me.

    Recently done my unit 1 simulation and im doing my unit 2 tonight.
    I seem to keep getting into difficulty with the entries into the cash book. i'm not sure when making the entiries I enter the VAT? If they have had an invoice (unit 1) the vat has already been calculated so I dont need to enter it in the cash book....is that right??
    and any other advice for unit 2 simulation would be great.

    Thank You xxxx
    You only need to analysis the VAT from the cheque requistion and or petty cash because as in unit 1 the purchase ledger invoices have has their VAT already dealt with when posting to control account and subsidiary ledgers. Hope this helps if you need anymore help just let me know. Doing unit 2 next week but have worked in P/L for years LOL !!!
  • sasahdeaseysasahdeasey New Member Registered Posts: 11
    ONLY enter VAT where you make a cash purchase, If you are paying an invoice, DO NOT ENTER THE VAT. This was already accounted for when the invoice was received.
  • carlyloucarlylou New Member Registered Posts: 13
    Thank you guys, think ive finally got my head round it. I passed my unit 1 anyway.
    Thanks again x
  • Sweetpotato ChipsSweetpotato Chips Well-Known Registered Posts: 173
    carlylou wrote: »
    Thank you guys, think ive finally got my head round it. I passed my unit 1 anyway.
    Thanks again x
    Well done for passing, I have just sat unit 2 that was ok I think abit more to remember but fine all in all. Do you know when you doing unit 2 ?
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