Vat Reconcillation

0124oconn
0124oconn Registered Posts: 2 New contributor 🐸
in General discussion
Hi,

Can anyone provide brief guidance on how to do a vat reconcillation using SAGE. I can follow the mechanics of doing the reconcillation on SAGE but I am unsure what I need to check to ensure that it is done correctly eg. the vat reconcillation should be same as the information on the trial balance however if these are not the same what discrepancies should I look for. .

Comments

  • Nikdoug
    Nikdoug Registered Posts: 69 Regular contributor ⭐
    Have you used the VAT transfer Wizard?

    Check for any T9 entries in the VAT liability code (usually 2202) or Tax control accounts (usually 2200 and 2201).

    Any entries dated after the VAT return period will stay in the tax control accounts until the next return is processed.

    Once the VAT transfer wizard is done the VAT liability code should be the same as the amount due to/from HMRC, providing all past VAT returns have been paid/recieved.

    I hope this gives you some pointers.

    Nick

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