I’m having to backtrack my bookkeeping from 01/06/2016 to complete accounts ending 31/05/2017.
During this period my limited company was VAT registered, (I deregistered 30/06/2017)
All the vat returns were filed including the final one, so that all been dealt with, however I am very unsure how to go about inputting all the sales and expenses for that period into quickfile.
I’ve been told that to do the bookkeeping properly I would need to still put the net sales and expenses rather than the gross. - but it was also suggested that I can put the VAT payments to HMRC down as an expense so that the same totals are achieved?
Please bear in mind, this is just an accounting period I want to see the back of, so the simplest solution (that doesn’t get me in trouble) is highly appreciated. My ex-accountant has very kindly left me with 18 months bookkeeping to do myself
Yes this is correct, however you could theoretically put everything in as gross, then providing you know how much input and output VAT you accumulated for each quarter you could just journal in an adjustment to NET down the sales and purchases. This is relatively simple when you’re using fewer nominal codes, but can be a little more time consuming (usually with expense codes) if you’re using many codes, as you need to NET each down individually.
The other option is to import your bank statement and bulk tag everything from there. This will ensure you have a reconciled bank account from the get go and from bank tagging you can decide which items should be vatable and and which not.
ah i see - the heads-up on too many codes adding more work is very helpful - I have a feeling the 2nd option may be the better choice - Thanks so much for your help - right, time for me to get stuck in!
I’m actually just about to start doing this now - to be able to choose the vat options when tagging items would I need to go into my Quickfile settings and change them so that the company shows as vat registered?
And then once I have inserted all my transactions up to 30/06/17 (this was my vat de-registration date) I can then remove being VAT registered from the Quickfile system? Or am I being naive and this is not the workaround?
