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Vat

donnas1977donnas1977 Well-KnownRegistered Posts: 182
Hello

on running month end reports, my VAT is out by 1p (looking back it has been out like this for a few months). Can you post a journal entry to rectify this problem (if so what would the journal entry be for)

Thanks

Donna
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Comments

  • lorrydeelorrydee New Member Registered Posts: 10
    Hi Donna

    Yes can do a journal, but you would need to find out which other account was out by 1p in order to do the double entry.

    I am not sure doing a journal is worth it. It should probably be flagged up to your boss who may well decide just to do a write off?

    Lorraine
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    this amount can be written off as the HMRC will not do an investigation that will cost them £300+ to investigate to get back a % of a penny ???think about it !
  • AK002AK002 Font Of All Knowledge Registered Posts: 2,492
    As above write it off to purchases or something or amend the VAT return by a penny.
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    DB Suspence/cash difference (or anywhere you place mispostings)

    CR Vat Liability (sorry forget nominal)
  • troytroy Trusted Regular Registered Posts: 275
    I work for the NHS and altough we pay millions each month, I have to sort out a VAT deficite of 1p.....and with 4,500 suppliers I want to pay HMRC myself!!!!

    Who even cares about this 1p!!!!

    LOL
  • AK002AK002 Font Of All Knowledge Registered Posts: 2,492
    troy wrote: »
    I work for the NHS and altough we pay millions each month, I have to sort out a VAT deficite of 1p.....and with 4,500 suppliers I want to pay HMRC myself!!!!

    Who even cares about this 1p!!!!

    LOL

    Jesus really?!

    talk about anal lol..
  • marknotgeorgemarknotgeorge Well-Known Registered Posts: 158
    troy wrote: »
    I work for the NHS and altough we pay millions each month, I have to sort out a VAT deficite of 1p.....and with 4,500 suppliers I want to pay HMRC myself!!!!

    Who even cares about this 1p!!!!

    LOL

    It'll be on the account for the ginormous flat-screen in the chief executive's office...
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    It'll be on the account for the ginormous flat-screen in the chief executive's office...

    lol dont forget the meal and first class travel to and from work everyday
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    troy wrote: »
    I work for the NHS and altough we pay millions each month, I have to sort out a VAT deficite of 1p.....and with 4,500 suppliers I want to pay HMRC myself!!!!

    Who even cares about this 1p!!!!

    LOL

    ok who have you annioned lol

    Sorry advise before was for sage and you use oricle and not 100% sure how to use that program.
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    reminds me off richard prior in superman nicking all those 1/2 cents from the company and getting a check for 1000's....love that film !
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    mark130273 wrote: »
    reminds me off richard prior in superman nicking all those 1/2 cents from the company and getting a check for 1000's....love that film !

    superman 2
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    A-Vic wrote: »
    superman 2

    thats the one......brilliant.......but superman 3 the best with the 3 baddies..
  • AK002AK002 Font Of All Knowledge Registered Posts: 2,492
    A-Vic wrote: »
    ok who have you annioned lol

    I love the way you've spelt annoyed lol.
  • VonniVonni Feels At Home Registered Posts: 63
    OMG - 1p out - get a life write it off - it would probably cost more to your employer for you to find it.

    I know some people I've come across just won't write off a penny as they say they're so particular and have to find it but really it's not worth it - as soon as the accountants get hold of the books what do WE do - WRITE IT OFF!

    Vonni
  • blobbyhblobbyh Font Of All Knowledge Registered Posts: 2,415
    A-Vic wrote: »
    superman 2

    Superman 3 actually Vic. Number two was the one with Lex Luthor and the return of those three baddies who were sent off at the beginning of the first one on some sort of flying mirror.

    Didn't take long for a query over VAT in Sage to work it's way to Superman did it?
  • AK002AK002 Font Of All Knowledge Registered Posts: 2,492
    blobbyh wrote: »
    Superman 3 actually Vic. Number two was the one with Lex Luthor and the return of those three baddies who were sent off at the beginning of the first one on some sort of flying mirror.

    Didn't take long for a query over VAT in Sage to work it's way to Superman did it?

    That was A-Vics doing, not mine - for a change :lol:
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    AK002 wrote: »
    That was A-Vics doing, not mine - for a change :lol:

    excuse me it wasnt me talking about that to start with AK
  • AK002AK002 Font Of All Knowledge Registered Posts: 2,492
    A-Vic wrote: »
    excuse me it wasnt me talking about that to start with AK

    Who then?
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    go on then blame me !!!!
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    mark130273 wrote: »
    reminds me off richard prior in superman nicking all those 1/2 cents from the company and getting a check for 1000's....love that film !

    actually it was mark
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    A-Vic wrote: »
    actually it was mark

    i knew it .................i would get the blame............
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    mark130273 wrote: »
    i knew it .................i would get the blame............

    dont worry mark i still blame gimp boy :lol:
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    strangly enough so do i.......we all wouldnt be as much posting if gimp boy didnt try and post the last post of each thread......

    only a simpleton would try adn do that...........oops......hahahha
  • AK002AK002 Font Of All Knowledge Registered Posts: 2,492
    mark130273 wrote: »
    strangly enough so do i.......we all wouldnt be as much posting if gimp boy didnt try and post the last post of each thread......

    only a simpleton would try adn do that...........oops......hahahha

    You lot would be lost with out me....
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    no..............dont your mean "you lot will be better off"



    hahahahahahaa
  • blobbyhblobbyh Font Of All Knowledge Registered Posts: 2,415
    Well, since this thread never really got started I guess it was okay to hijack. It does annoy me how some one post wonder will start a thread, not come back for days or even weeks afterwards, maybe find a few stray off topic comments posted after the thread has stagnated and then complain about it being hijacked.

    Or ask inane questions such as "What time is it in China right now"?

    To which I will say just two words, one of which is "you".
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    blobbyh wrote: »
    Well, since this thread never really got started I guess it was okay to hijack. It does annoy me how some one post wonder will start a thread, not come back for days or even weeks afterwards, maybe find a few stray off topic comments posted after the thread has stagnated and then complain about it being hijacked.

    Or ask inane questions such as "What time is it in China right now"?

    To which I will say just two words, one of which is "you".

    is the other word "thank" ?
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    AK002 wrote: »
    You lot would be lost with out me....

    who said that
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    A-Vic wrote: »
    who said that

    very good !!!1
  • marknotgeorgemarknotgeorge Well-Known Registered Posts: 158
    A-Vic wrote: »
    superman 2
    mark130273 wrote: »
    thats the one......brilliant.......but superman 3 the best with the 3 baddies..

    You've got it the wrong way round. 2 was with the baddies. 3 was the one with Richard Pryor. 4 was just pants.

    EDIT: ok, ok, so blobby got there before me. I've been at college, ok?
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