Need to amend Sales Totals for last VAT period

Accounting
1

Hi

I currently total up all sales for a 3 month VAT Period and create one entry on the date at the end of that period. So sales for Feb - April 2018 are posted on 30/04/18. I have just realised my massive flaw in this plan when coming to do my year end accounts which run from April 1 to 31 March. Obviously i have skewed my sales by removing Feb and March sales for the previous year by lumping them in with April of the new year!

Question is what is simplest way to resolve? Can I rollback VAT return and change the one Sales entry to 3 entries for each month? Just not sure how to proceed?

Any help appreciated.

Steve

2

You don’t need to roll anything back, you could credit note the existing 3 month invoice in full and then create 3 separate ones backdated. This is allowed, and the way QuickFile works all four items (the credit note and the three sales) will be pulled into the next VAT return but since their total value is zero it won’t affect the figures.

Alternatively you could just create a journal on the 31st March covering the two months sales (credit general sales and sales tax control, debit the bank accounts that represent the payments) and set it to auto-reverse on 1st April.

1 Like
3

Sorry for late reply, wanted to say thanks Ian for your help. Did your first option which sorted the issue.

Cheers

Steve