invoice date transaction date- vat return, How do people account for the correct invoice date when it's received late to ensure it goes in correct VAT return.

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Hi on every system I've ever used in my 30 years I've always had the invoice date what is on the invoice and the posting date is the current period. when accountants then did a vat return it was run using the period date and it picked up all the postings for those invoices. this is my first time using SAGE and my company say you have to enter the transaction date as the current month regardless of the invoice date as the VAT return has to show the invoices for that month and you cannot show older items as it impacts the return. This sounds wrong to me,,,what do others do...I have never heard of altering invoice dates to match the processing date just because of way a vat return is done? help

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    If you post an invoice for 01/09/2024, when the transaction is created, it’ll create it with the same date.

    The vat return would pick up that unreconciled transaction with the date of 01/09/2024.

    It’s not possible in Sage 50 Accounts to have an invoice date and a processing date.

    Typical the date should match your documentation. 

    Others in the community may post on how they date transactions. 

    Ian

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    Post it with the original invoice date. When you run the next VAT return it will pick up earlier unreconciled transactions and include them in the return.

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    The bigger issue is that not having a posting date/period causes issues if you want to finalise monthly management accounts and you get a late invoice.

    In this case you must post the invoice as 30/08 and then make a journal to reverse the cost and then post it to 01/09

    Alternately, you can keep P&L in Excel and then report Period 9 movement as the movement from last cumulative YTD to current YTD

    Or do not worry about monthly reporting