Vat

donnas1977
donnas1977 Registered Posts: 182 Dedicated contributor 🦉
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

  • lorrydee
    lorrydee Registered Posts: 10 New contributor 🐸
    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
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
    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 !
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    As above write it off to purchases or something or amend the VAT return by a penny.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    DB Suspence/cash difference (or anywhere you place mispostings)

    CR Vat Liability (sorry forget nominal)
  • troy
    troy Registered Posts: 275 Dedicated contributor 🦉
    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
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    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..
  • marknotgeorge
    marknotgeorge Registered Posts: 158 Dedicated contributor 🦉
    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-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    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-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    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.
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
    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-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    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
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
    A-Vic wrote: »
    superman 2

    thats the one......brilliant.......but superman 3 the best with the 3 baddies..
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    A-Vic wrote: »
    ok who have you annioned lol

    I love the way you've spelt annoyed lol.
  • Vonni
    Vonni Registered Posts: 63 Regular contributor ⭐
    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
  • blobbyh
    blobbyh Registered Posts: 2,415 Beyond epic contributor 🧙‍♂️
    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?
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    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-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    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
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    A-Vic wrote: »
    excuse me it wasnt me talking about that to start with AK

    Who then?
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
    go on then blame me !!!!
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    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
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
    A-Vic wrote: »
    actually it was mark

    i knew it .................i would get the blame............
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    mark130273 wrote: »
    i knew it .................i would get the blame............

    dont worry mark i still blame gimp boy :lol:
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
    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
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    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....
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
    no..............dont your mean "you lot will be better off"



    hahahahahahaa
  • blobbyh
    blobbyh Registered Posts: 2,415 Beyond epic contributor 🧙‍♂️
    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".
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
    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-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    AK002 wrote: »
    You lot would be lost with out me....

    who said that
  • mark130273
    mark130273 Registered Posts: 4,234 Beyond epic contributor 🧙‍♂️
    A-Vic wrote: »
    who said that

    very good !!!1
  • marknotgeorge
    marknotgeorge Registered Posts: 158 Dedicated contributor 🦉
    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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