VAT return

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
how do I do the VAT return on Sage...?please help

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    If your records on sage are up to date and correct, Sage does the vat return for you. In the financial module, click on VAT and type in the dates of the quarter. It lists all the sales/purchases invoices etc etc for checking.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    but how can I print that report out to checking against with the invoices to see is that correct or not...please to day is my first day do this things
    Thank for your help
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    Hi

    Once you have entered the correct date range, click on calculate then you will have the option to print.

    Then you can check against your relevant day books to confirm the accuracy of the work.

    Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    I just do what you tell me and there is a masessage coming up ask for including recocile transaction or not...What is that mean...?and how can I recocile the VAT return...?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    Ok

    Don't panic. Reconciled transactions are those which have already been included in the previous return.

    What you will need to do is have a copy of the previous return to see whether or not the transactions your return is creating have been included or not.

    If for example it is saying that 10 transactions are outstanding from the previous return date then chances are these have not already been processed. Basically after doing the VAT return last time receipts or invoices have been entered late and so now need to be paid on the next VAT Qtr.

    If it is bringing up a large range of transactions that are from the previous qtr then the VAT return hasn't been reconciled, so you will need to enter the previous VAT return dates, check the figures against the amount paid last time, reconcile the VAT return, then run the new dates repeat the process and make an adjustment to the VAT accounts for any differences between the amount paid and the amount due.

    Keep replying if this makes no sense, and good luck.

    Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    so sould I including the transaction that is quite old like from Apr....? I don not why it is still left out untill now...?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    Is it just the one transaction???

    If so include it, not sure why it has only just shown up, perhaps the invoice or receipt was missing and has only just been handed in. So long as the transaction is less than £2000 include it.

    Keep me posted.

    Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    no it is not....it is about 20 transaction left out...?
    and when print out my VAT return report (detailed)& summary.. they got box from 1 to 9 all fully numbers and I can not understand what is that mean...so I don't understand what I did was correct or not...? please help
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    Ok

    Does your firm print out day book to cross-reference the VAT return against? If so get a copy of the ones used for the last return, then re-run the day books again using the same date range as before. The differences shown should be the transactions showing up on your VAT return.

    Then with the detailed print out you have of the VAT return highlight any dates outside your current range and match against the new day books.

    It sounds as though these transactions can be included in the return you are doing, but what you need to do is check that they are not duplications of invoices or receipts etc that have previously been entered and reconciled.

    Do you have someone else who can help you out with this,I'm sure that they would prefer you to ask and get it right than spend hours on it and get it wrong!! You could raise the points I have mentioned.

    Good luck again.

    Tracy

    ps The numbered boxes are the same as those on the Vat 100 form.

    1 VAT on Sales and other outputs
    2 VAT on Acquisitions from other EC Member states
    3 Total VAT (Box 1 + 2)
    4 VAT reclaimed on purchases
    5 Net VAT (Difference between boxes 3 & 4)
    6 Total value of Sales exc VAT
    7 Total value of Purchases exc VAT
    8 Total of supplies to EC Member states exc VAT
    9 Total of acquisitions of goods from EC Member states exc VAT
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    Sorry to ask, but have you done VAT returns before popcorn?
    In box 1 are VAT due on sales and other outputs for the quarter you are reconciling (as per the VAT return for VAT100. Box 2 are the acquisitions from other EC members (as per VAT100) box 3 is the sum of 1 and 2. Box 4 is the vat reclaiming against purchases and inputs, including ec acquisitions.
    Box 5 is the NET amount payable. Box 6 is the value of sales and outputs excluding VAT (including box 8 ), box 7 is value of purchases excluding vat (including box 9) Finally box 8 is supplies of goods etc to EC members, and box 9 is acquisitions form EC members.

    All sage will do, is put the figures into the correct sections as per the input.

    If a transaction was not previously reconciled in the last quarters return, it will allow you to include it in this one. If its dated PRIOR to the return date, NOT AFTER the return date, as that will be included in the next quarter.

    You should be able to manually reconcile the boxes if you feel the need from your daybooks or ledgers if you keep any manual ones.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    Hi

    Don't wish to sound rude, but need to sign off for a while. This PC only works on dial up not broadband so I need to clear the line for my phone and fax for a while, + I need to do some work!!

    Will check in on you later, but I am sure there must be someone in your office who could help you out, who did the return last time? perhaps they can assist you,they may know at a glance whether or not the transactions showing up should be included on the new return, and if you found the person who entered the receipts dated April, you would know why they have only just put them on the system.

    Take care, will check in later.

    Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    I have not done the VAT return before this is my first one so I am very panic.I will do my best with all your help.

    Thank you so much for all your suports
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    No one in the office could help me because my manager was left and my new manager is in Shipley so I got no choice to doing this ...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    Thank you Tracy
    Thank you so much for all your help
    I try to get my head arount it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    How you doing Popcorn, did you manage to reconcile it?

    Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    I just print out my daybook and checking against with the VAT report and there is 114 transaction unreconcile I am including in this priod. But my manager said there is 11k some thing in the sales control out at the moment....? I don't know why and still play around it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    Hi Popcorn

    They have really thrown you in at the deep end haven't they! Just think after this you will be a whizz at VAT returns.

    Sorry I am unable to advise anymore at the moment as I think I have covered everything I would do to check it was correct.

    Hope you manage to sort everything out and soon.

    Good luck mate.

    Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT return

    thank you so much
    you know I just try to print out the Trial balane last priod and checking again with this priod hope it help.

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