x Want to participate? Join the group to interact
Options
  • State Suggested Answer
  • +1 person also asked this people also asked this
  • Replies 8 replies
  • Answers 2 answers
  • Subscribers 55 subscribers
  • Views 5181 views
  • Users 0 members are here
Browse Forums
Announcements
764
topics
17
replies
Financial year end
78
topics
177
replies
General Discussion UK
7k
topics
19k
replies
General Discussion Ireland
175
topics
311
replies
Install your software
138
topics
375
replies
Making Tax Digital
286
topics
692
replies
Manage your VAT
147
topics
321
replies
Protect and repair your data
44
topics
136
replies
Run your accounts remotely
85
topics
197
replies
Working with the bank
114
topics
292
replies
Lisa De Haas

How Can I reconcile the VAT ledgers for YE accounts when in Cash Accounting, using Sage?

SUGGESTED
Posted By

I have several customers who run VAT Cash Accounting. This means that at YE, they will have amounts left over in the VAT ledgers, which I then need to reconcile. To date, I'm doing this manually, by exporting the creditors and debtors ledgers to Xcel, and then calculating the VAT content of the outstanding items. 

Is there any way to have Sage do this work for me? Any reports I can print out that will provide this information, and save me time?

Thanks.

Lisa

  • 0

    Hi Lisa,

    Thanks for using our Product Support Community.

    There are a number of reports that you can run from Sage Accounts to help you reconcile your transactions under the VAT Cash Accounting scheme.

    You can find full info on this, including which reports to run, here.

    If this has answered your question, please click on the ‘This helped me’ link below.

  • 0
    Thanks for taking the time to reply Paul.
    the link didn't provide any information on my question though.
    It's not the VAT return that I need to reconcile. It's the balance left over in the VAT ledgers after the VAT return has been done, that I need to reconcile.
    Can Sage help with this?
    Thanks
    Regards,
    Lisa
  • 0
    SUGGESTED

    Ok, thanks Lisa.

    You can run the Nominal Activity report on your VAT liability (default 2202), Sales Tax Control Account (default 2201) and Purchase Tax Control Account (default 2200) nominal codes. You can run this report from Nominal codes > Reports > Nominal activity.

    If this has answered your question, please click on the ‘This helped me’ link below.

  • 0
    Thanks Paul. These reports only show what's been posted to those ledgers. In order to then reconcile the outstanding balance, I would have to manually compare them to the VAT returns, and cross off everything that has been included in the VAT returns, and what's left over should constitute the balance. That's still a lot of manual work. Are there no reports I can run of all outstanding items that still need to be included in future VAT returns? The VAT ledgers contain postings of invoices and bills. The VAT returns are based on only the PAID invoices and bills, and other payments and deposits. So at the end of any given VAT return, there are outstanding invoices and bills that make up the balance. It would be incredibly handy to be able to run a report that would give that information. It's all in there, but I can't get it out, not without a lot of manual input.
    Regards,
    Lisa
  • 0
    There is a flag set on the transaction when it is included in a VAT return. So you should be able to edit the nominal activity report to only include unreconciled transactions
  • 0
    SUGGESTED
    Hi Ken, that was an interesting idea. I've done this, and ran some reports. Unfortunately I came across some anomalies where invoices were part paid, and the invoice is still showing the N - it seems that it's not flagged as Paid, until it's fully paid. So it still required manual checking and reconciling. What gets me is that surely there are more companies who run their VAT on a cash-accounting basis, and surely they must run into the same problem? Perhaps someone can look into this now?
  • 0

    Hello Lisa, Did you ever manage to find a report that solved this problem? I'm about to try to manually reconcile a huge amount of transactions!

  • 0 in reply to Creative Youth Charity

    There are 4 reports for VAT reconciling designed for when you swap to Standard VAT reporting from Cash  Accounting. I don't know if they're of any use

    They can be found about 3/4 way down on this link:-

    ask.sage.co.uk/.../std_adp.php

*Community Hub is the new name for Sage City