Sorry all, I’m sure that I’m doing something silly but I was really expecting this to be simple… I only buy and sell 1 maybe 2 maximum items a month but they’re high value so needs to be VAT qualifying. I’ve created my first invoice, added the respective purchase and added an outgoing fee but nothing shows on profit and loss other than the fee and it hasn’t shown the the vat return? Please help, what am I doing wrong?
Also showing no turnover?
First guess, check your dates on invoice and vat settings, also is it cash or accrual vat?
Id setup as CASH but being honest wasn’t sure what this should be. All dates are the same on the invoice and purchase?
on cash basis, vat is accounted for when cash movement happens not when vat invoice is recorded
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OK at least I got that right. Thanks
Hello @Arran_Simpson
I have just checked you entries.
@FaradayKeynes was correct your invoices are fall within the vat period July-Sep but you have entered the payments in October meaning the invoices will be picked up in the Oct to Dec vat return.
If the payment dates are incorrect you can edit them in your bank screen.
- Find the payment/receipts
- Click on the date and overtype
- Re run the vat return
Super helpful, thank you very much. I’ve submitted the VAT return although bizarrely it still doesn’t show my profit or turnover?
Hello @Arran_Simpson
If you view the invoices and select options > Show nominal ledger entries you can see what you have posted to.
Your sales invoice is not affecting your profit and loss codes only balance sheet codes (neither is one of your purchase invoices).
If this was done in error, you will have to move the values onto your profit and loss from your balance sheet using journals as the invoices are now locked by the vat return
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