vat end year query, please.
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hi mental block time!!!
to work out end year vat debtor for bal sheet:
get diff figures with each method i use and am just in such a block now i give in!!
do i do like a mini vat return and work out input/output and what the debtor would be ( yep said debtor as vat owes me )
or do as follows
open debtor (closing debtor figure from last year) debit
vat on sales thru year ( taken from cashbook totals) credit
vat on purch thru year ( taken from cashbook)
debit
vat reclaimed through year credit
vat on creditors ( vat from creditors that owe at end year) credit
vat on opening creditors ( i assume the figure to use
here is the one from creditors from last year? ) debit
closing debtor ( this should be the balancing figure??) debit
sory cant line figures up (tried) so just put debit and credit,
if i do this i get a lot lower amount!!
please help this block.
thank you
to work out end year vat debtor for bal sheet:
get diff figures with each method i use and am just in such a block now i give in!!
do i do like a mini vat return and work out input/output and what the debtor would be ( yep said debtor as vat owes me )
or do as follows
open debtor (closing debtor figure from last year) debit
vat on sales thru year ( taken from cashbook totals) credit
vat on purch thru year ( taken from cashbook)
debit
vat reclaimed through year credit
vat on creditors ( vat from creditors that owe at end year) credit
vat on opening creditors ( i assume the figure to use
here is the one from creditors from last year? ) debit
closing debtor ( this should be the balancing figure??) debit
sory cant line figures up (tried) so just put debit and credit,
if i do this i get a lot lower amount!!
please help this block.
thank you
0
Comments
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Re:vat end year query, please.
Duplicate of posting on Student General Forum posted yesterday and answered already.0 -
Re:vat end year query, please.
hi yes thanks i know this is a duplicate and i know u answered but unfortunately it didnt help me so i posted on here to see if anyone else would reply who may not read the general forum but just this one
thanks0 -
Re:vat end year query, please.
It wasn't me that answered and you have posted the same thing on three different forums. Most people read all the forums and therefore there is no need to post anything more than once, it just annoys people to keep reading the same thing.
If the answer was not what you wanted, it would be considered good forum manners to reply thanking the person and expanding on what you required so that other people many understand your problem and assist.
Personally, I would post all the VAT entries from debtors, creditors and bank to the VAT Control Account with my opening balance from last year's VAT account to get my closing balance for this year.0 -
Re:vat end year query, please.
firstly apologies for thinking it was yourself that answered, i just read ''answered already '' and assumed it was yourself who had answered already!! . my mistake.
yes i posted it on general, then the tech and yes i did also post on the members forum but i must disagree that everyone reads all the forums, i never used to, i must admit i have never read the member pages till i was a member and never read the foundation or intermediate when i was on the next level, so there was no intention what so ever of annoying people by them reading the same thing. Sorry if this is the case.
as for replying thanking the person may i say i thought i had thanked them re the earlier post saying thank you and also may i take this oportunity to say i have used the forum for a few years now and i do know how to treat them and do have good forum manners!
i do know how to do the vat account but as you must have experienced sometimes perhaps when you can not for love or joy balance a trial balance there is something totally obvious that is staring you inthe face and you can not see it, that is where here normally comes in useful as other people can see the trees not just the wood.
regards0 -
Re:vat end year query, please.tigercat wrote:firstly apologies for thinking it was yourself that answered, i just read ''answered already '' and assumed it was yourself who had answered already!! . my mistake.
yes i posted it on general, then the tech and yes i did also post on the members forum but i must disagree that everyone reads all the forums, i never used to, i must admit i have never read the member pages till i was a member and never read the foundation or intermediate when i was on the next level, so there was no intention what so ever of annoying people by them reading the same thing. Sorry if this is the case.
as for replying thanking the person may i say i thought i had thanked them re the earlier post saying thank you and also may i take this oportunity to say i have used the forum for a few years now and i do know how to treat them and do have good forum manners!
i do know how to do the vat account but as you must have experienced sometimes perhaps when you can not for love or joy balance a trial balance there is something totally obvious that is staring you inthe face and you can not see it, that is where here normally comes in useful as other people can see the trees not just the wood.
regards
I'm not trying to have a "spat" with you, but I still don't see a thank you and Dean's reply was worded slightly differently to my reply and you haven't expanded on what it is about both that is not answering your question - or have we now?0