VAT Flatrate, Sales and Invoice

Accounting
1

Hello

My company is start up and we had a flat rate of 11% for the first year. At the beginging of the second year i adjusted it to 12% as per change in VAT flat rate, on running my Profit and Loss report for the 1st year, there is a nominal code 4999 flat rate vat sales adjustment. Can you kinldy explain what this is? May i confirm that the system is not backdating my first year flat rate to 12%. of so how can i adjust?

  1. Invoice,
    When i check my client account for an Invoice older than 12 month, i cannot locate it. Why is this so.

Sales

Am i able to export all my sales data at once or for at least 12 months?

Best Regards

2

Nominal Code 4999 is for flat rate adjustments, i.e. the difference between your allocated flat rate % and the standard rate of VAT (20%). It’s explained in more detail here.

http://help.quickfile.co.uk/main/1/flat_rate_vat.htm#7

You can only export to CSV 50 records at a time. If you run an account backup then you will get all sales in a single CSV file