Hi, I am currently compiling the VAT return for Q2. We have non EU sales that are all grouped together throughout the period into General Sales, I therefore need to reduce our VAT Liability and increase our Sales Figure by the VAT amount “charged” to these individuals.
Looking at it I can see how I adjust the actual VAT return, but not sure how I can correct the figures in Quickfile?
Please advise, Thanks
When you file a VAT return QuickFile will post a number of journals to reallocate the NET amount of any accrued sales and purchase tax to the VAT liability code. If you’re making direct adjustments to the VAT return the associated journals will be adjusted automatically.
The above assumes that you’re not making any changes to the invoices already issued. You can of course also change the invoices directly and the VAT calculation on the return will update when refreshed.
Thanks Glenn,
I see where the VAT is adjusted, however how does the General Sales value increase as we have vat showing on the invoices when we know there shouldn’t be?
Any adjustment will be journalled to the balance sheet code “Manual Adjustments (2204)”. You would then need to enter a second Journal to Debit Manual Adjustments (2204) and Credit General Sales (4000).
I would however just check with your accountant to make sure that is correct. I’m not an accountant myself.
Thanks for quick responses Glenn - sounds good and correct to me.
I just needed confirmation where the adjustments were posted
Come to think of it, a second journal is probably not needed… Just change the manual adjustment code in the original journal to general sales.