purchases
and their corresponding VAT for a specific period - cash basis.
Essentially I need to control how much of the money that is sitting in my account is VAT, and to also check my overall performance.
It’s essential I do this on a cash basis. The accrual way is completely useless (and pointless) to me.
My current way of doing this is a huge pain: I have to go to my sales and purchases, select all the items in the period one by one manually, and export it to excel to check on this…!!
Is there maybe an easier, more optimised way I can achieve this?
If you want to know how much would be in your VAT then as long as you have your VAT settings set to CASH accounting then you can run a VAT return to show you how much is owed/due and then if you want to see the breakdown of this you can export the backing data.
be careful not to save/submit this return - you only want to run it
And if it’s currently between the date when you submitted your last return and the date HMRC took the direct debit then you’ll need to add on the “VAT liability” value from your balance sheet.