VAT RETURNS

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Are VAT Returns quick & easy to do on sage. What's the procedure?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    VAT RETURNS

    Hi<BR><BR>Very easy for standard rated vat, (not so easy with cash vat), so long as everything has been set up correctly in the first place. Make sure the vat rates you need are correct within settings, then basically you go into financials, key in the appropriate date range and away you go!!<BR><BR>Then before you actually press the reconcile button, manually cross reference the return to your day books to check for accuracy, then once you are confident it is correct press reconcile and it's done!<BR><BR>Then all you need to do is a journal showing the amounts for sales/purchases/vat liability as per your vat return, and then offset a bank payment to the vat liability account to clear it and post your payment.<BR><BR>Hope this is ok, done from memory!<BR><BR>Tracy<BR><BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    VAT RETURNS

    Thanks Tracy.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    VAT RETURNS

    hi tracy,<BR>i am studying on my own and have no clue of sage. can u suggest how shuld i go about it.<BR>any advice will be appreciated
  • System
    System Posts: 100,534 🤖 Admin 🤖
    VAT RETURNS

    Learn Direct centres offer a very good introduction to SAGE line 50 course.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    VAT RETURNS

    Hi pvsharan<BR><BR>Alternatively you could purchase a cheap version of Sage from ebay, and teach yourself the basics. It comes with a demo company on it so you can practice without worrrying about mistakes you have made, and within the help section is advice on everything you need to know, so you don't need to worry about not having a manual.<BR><BR>I started using sage in the early 1990's and other than a quick tutorial I self taught myself. I'm a bit of a swot and like to know as much about a subject as possible, so I wrote down all the things I would be doing on a daily basis, then learnt how to do them on Sage, then I bought some flip photo albums, cut out pieces of paper to fit into each wallet and wrote my notes upon them, then when I needed to do something I could quickly access the information manually and do the work straight away. <BR><BR>I kept files for sales/purchases/nominal/month-ends/year end's and vat returns, and found them to be invaluable. Because the files work so well, I have made ones which apply to the aat course, and again they are an excellent source of information when it comes to studying.<BR><BR>Hope this was of some help!<BR><BR>Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    VAT RETURNS

    Well using the purchase and sales ledger can be a hassle. Although apart from that its quite easy. Remember to keep the VAT reconciled every qtr and use the VAT wizard. <BR><BR>If your on cash accounting you will have to be careful about what you put through the bank.

Categories

Privacy Policy