Importing deposits

Question

Good afternoon 
 I work in a hotel and we receive deposits in advance of a guest stay. 
 Can I assume we pay VAT at the point of importing the business day into sage and if so what number box on the VAT return would it go into to. 
 Any idea /information will be very welcome. 
 Thank you 
 Christine

Anita Harper · Accepted Answer

VAT should be recorded as T1 on the day the deposit is paid (or invoice date if you've sent a bill in advance). The VAT amount would appear in box 1 and the rest of the deposit in box 6.

Sage 50 Accounts

Importing deposits

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