Hi
I am wanting to keep track and put money aside for my vat and tax. I have looked and vat summary and vat returns, but would like to be able to check at the end of each week for example how much vat I have paid and charged so I can put the difference to one side and also check gross profit to put tax to aside.
The only way i know how to do this at the minute is to go into each sales and purchase and add this up manually.
can anyone help me
thanks
sam
Hi,
You could do custom reports. Go to Reports and then Custom reports.
The VAT element of each sales invoice goes to the sales tax control account, and for purchase invoices to the purchase tax control account, so if you look at those two on the chart of accounts or a custom report with the right date range then it’ll tell you what VAT you owe on things that were invoiced that week. Note invoiced - this will be accrual basis even if you do your VAT on cash accounting, and it won’t be accurate if you’ve submitted a VAT return during that week (since the control accounts will be skewed by the VAT journal), but it’s a good start.
Just bear in mind there is no accurate report for the exact VAT liability so if what you owe doesn’t match exactly what you have put away this is to be expected!