I have completed my Feb-Apr (2024) accounts and everything looks OK.
When attempting a VAT Return the only thing showing in the VAT submission is the VAT element of my PURCHASES. No income is being pulled through?
My income comes from sales via platforms e.g. Shopify and Amazon…
Both these have their own ‘Bank’ Accounts and I am very careful to enter all income & commission expenses before transferring the net £ payout to my ‘MAIN’ bank account to ensure a zero balance.
I thought this might be part of the issue… As an online retailer with lots of individual transactions we don’t really invoice individual customers.
As stated in my original ‘shoutout’, our INCOME is delivered to us through our SALES on platforms such as Shopify.
Usually we are paid out at the end of the month, less their sales commissions and any other relevant charges. This is the combined income from lots of individual orders. It’s this INCOME we want to declare.
So, I have set up a SHOPIFY BANK. I record into this all the info from my monthly statement. This is usually an entry for SALES and an entry for SALES COMMISSION. I then transfer the NET VALUE to my main Company Account, which matches the figure shown on our bank statements…
Ive attached the sales shown in our Chart of Accounts and I’m happy to share anything with you to help resolve the problem…
I have taken a look at the account linked to your email.
I can see that you are on cash accounting.
Cash accounting uses the payment dates (the tax point) to assign invoices to the correct returns.
You sales invoice would need to be marked as paid and the payment date fall under the return period to be picked up by the return. Currently you sales invoice is a draft (not a live invoice), you would need to mark it as sent then add the payment before the return would pick it up.
Sorry for confusing you…I’m trying different methods to address the original problem.
I’ve JUST created INV 00001, to see how it works within the accounts.
Historically (using Sage), we wouldn’t do it like this.
So you are viewing an ‘experiment’…
The return only picks up invoices. Not values posted directly to nominal codes.
Sorry for confusing you…I’m trying different methods to address the original problem.
I’ve JUST created INV 00001, to see how it works within the accounts.
Historically (using Sage), we wouldn’t do it like this.
So you are viewing an ‘experiment’…
You were along the correct lines with this.
You can create an aggregated sales invoice for the week/month, as I said you would need to flag it as sent and mark it as paid for the return to see it.
