Sage (VAT)

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi<BR><BR>I have just started to use Sage 100 V 7 in the company I work for, and are trying to complete our VAT return. I have printed all the reports necessary. I have noticed that when I have posted some payments for new month ie Feb05 our period 12, it has actually gone into Vat period 11, thus showing in the VAT return Transaction list for Nov period 9 to Jan Period 11.<BR><BR>These posting were done through Cash Book - Nominal ledger Payment. I know that nominal period 11 is still open, but I thought all new period transactions don't get updated until you update postings yourself!<BR><BR>Am I totally mis-understanding Sage? or should I not enter any new period postings through the Nominal Ledger unless previous period has been closed?<BR><BR>Any help would be greatly appreciated.<BR><BR>Claire

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Sage (VAT)

    Not sure but this sounds as though it has something wrong with the dates. When you enter the VAT calculation part make sure you have the correct dates in ie 1 November 2004 to 31 January 2005 this should exclude everything you have entered for February. Also don't forget to mark as reconciled BUT ONLY AFTER YOU HAVE CHECKED ALL FIGURES AND PRINTED ALL REPORTS.<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Sage (VAT)

    Hi Claire,<BR><BR>I use Sage line 100, i have learnt that you should not post any transactions for the new period until you have closed off the previous period. <BR><BR>When you do your VAT return it will ask you the date that you want to delete the reconciled transactions this must be the end date of the VAT period you have just done the return for otherwise you get some very confusing reports as i found out when i had a VAT inspection, so make sure you have all your reports.<BR><BR>Terry

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