RECONCILATION OF VAT

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in AAT member discussion
Please Help!!!!!!<BR><BR>I have been asked to prepare the following by our accountants:-<BR><BR>* Reconcile VAT debtor/creditor per the VAT return to the trial balance<BR>* Reconcile outputs per the VAT returns to the sales per the trial balance<BR><BR>I have no problems in preparing this under normal VAT accounting, but two of our companies operate as Cash Accounting (based on cash receipts) for VAT purposes. I am unsure on how I can complete what has been asked on a Cash Accounting basis.<BR><BR>Any guidance or advice would be very welcome.<BR> <BR><BR>

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  • System
    System Posts: 100,537 🤖 Admin 🤖
    RECONCILATION OF VAT

    RECONCILIATION OF VAT FOR CASH ACCOUNTING SCHEMES<BR><BR>MEANS THAT ONLY WHAT HAS BEEN PAID FOR AND NOT WAITING FOR PAYMENT<BR><BR>I.E. SUPPLIERS INVOICES ONLY VAT THAT HAS PHYSICAALY BEEN PAID AND OUTSTANDING DOES NOT COUNT.<BR><BR>ALSO DEBTORS ANDY INVOICES THAT HAS BEEN SENT OUT AND CASH NOT RECEIVED OR BANK AS AT THAT DATE DOES NOT GET INCLUDED...<BR><BR>HOPE THIS HELPS<BR><BR>CAZ

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