reconciling the bank account

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi<BR><BR>i'm currently studying for the AAT foundation and am using sage at the moment. i've just been given a bank statement and have been told to enter any items from the bank statement which havn't been recorded in the bank account in the main ledger into the bank account.well on the bank statement, are the totals gross figures?as in the bank account on sage, it calculates the VAT for you, it doesn't have a 'gross' type field only net and vat, do i have to calculate the net figure then enter the amounts or what?please help as i am really stuck on this one.hope you understand this message, i know i havn't worded it right!<BR><BR>Bex

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    reconciling the bank account

    answered in general
  • System
    System Posts: 100,534 🤖 Admin 🤖
    reconciling the bank account

    hi shazAAT, i know , i was desperate for an answer!<BR><BR>Bex
  • System
    System Posts: 100,534 🤖 Admin 🤖
    reconciling the bank account

    hi bex,<BR><BR>when entering payments from the bank statement to SAGE, if you know you can claim VAT, enter the gross figure from the bank statement into the Gross column in sage then click on Calc Net button on SAGE it will work it out for you.<BR>If you cannot claim VAT then enter the figure shown on the bank statement and us either T9 (can't claim) in SAGE or T0 (exempt).<BR>Do this help<BR>KS

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