Sales / Purchase Tax Control Account in Sage One

Ja98200er
Ja98200er Registered Posts: 8
edited November 2021 in Using Accounting Software
Hi

In the UCAS mock assessment, it asks you to add opening balances to the Sales / Purchase Tax Control Accounts, or combine them into 1 figure as a single post, if your version of your accountancy software does it that way. Im using Sage one.



I dont know where to access these accounts, and they dont appear by default. I cant set them up either. These must be dynamic accounts like VAT, which allocates tax automatically right?

Can anyone one help?

Thanks

Comments

  • Jay36598
    Jay36598 Registered Posts: 28 Regular contributor ⭐
    edited November 2021
    @Ja98200er — control account will be listed in chart of accounts. Menu options slightly differ but for Sage it should be “Settings > Configuration > Chart of Accounts > Nominal Code”.

    Familiarising yourself with chart of accounts, setting up accounts in the chart, or editing them is logically quite early on before attacking mock exam problems. Maybe go revise that part, that way you’ll have a much clearer picture.

    Normally in Sage, “Control Account VAT on Sales” and “Control Account VAT on Purchases” are two separate accounts, by default, abs in the “2200s” range in the nominal code, but it maybe setup totally different at your end.
    AAT Student Member, 2021
    L2 (93%), L3 (90%), L4 (on-going)
  • Ja98200er
    Ja98200er Registered Posts: 8
    Sorry for the delayed reply on this. Thanks for the reply and direction on this. I thought it would be something obvious. The thing that threw me off is the following are named slightly differently to names in the assessments, and they arent highlighted as control accounts in Sage Business Cloud either which makes it slightly confusing.

    2200 - VAT on sales
    2201 - VAT on purchases

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