Hi I am an IT contractor and have been using Sage Line50 for a number of years to run my accounts. I run a Ltd company and am VAT register and must start using MTD for VAT. My accounts are very simple in that I only tend to have 2 or 3 customers per year, producing monthly sales invoices, and again few suppliers with 1 or 2 invoices per month. I was looking for a simple cloud based accounts package that is MTD ready and Quickfile seemed to fit the bill. However I have a couple of questions as I am not an accountant so wondered if someone could advise best practice.
My year end is 30th June, I can’t set the year end in Quickfile now until 30 June 2020, so it looks as if I will have to do year end in Sage, then run TB and import in. I am OK with that, however I am part way through a VAT period (last VAT 0519), and wondered how I would get unreconciled VAT transactions into Quickfile
When I first started the account (a few minutes ago) the initial message was “don’t worry about making errors you can always rollback”. However reading various posts here, it doesn’t seem obvious how I would do that. How do I do a backup and restore to a blank account if I need to ? I am concerned my TB will not import as I expect
I am not an accountant either so I would double check with one before making any final decisions.
with your TB I would do that for your YE 30.06.19, The VAT period you have, how long is your period? could you work accross the two platforms for that return to make sure that you have everything included? otherwise you could enter ‘opening’ balances which should reflect in your VAT return providing the dates all tally.
You can easily delete transactions etc. so if you were to import the TB and it not be as expected then you can just undo the import.
Hi thanks for responding, thinking about it, I have imported by TB from month 11, and will add my June transactions there’s not many. Only issue I have now is my TB bought over an OB on the VAT sales control account, when I run the VAT return it doesn’t pull this figure in only new added sales invoices. So I have it to pay, but cant seem to record it on the VAT return, can I manually edit the VAT return to add the OB value to the sales tax ?
Yes you can do adjustments on your VAT return, and if you are submitting it you just need to make sure you have the backing data for those adjustments should it ever need reviewing.