Accruing For Postponed VAT On Imports

Question

Hi 
 We use Sage 50 Accounts Professional. On our postponed VAT statement on our CDS portal there are some transactions for goods imported which we haven't received an invoice for so we haven't recorded the postponed VAT on Sage. I have checked and it isn't possible to post a journal on Sage 50 Accounts Professional using a T18 tax code (to record postponed VAT). 
 What would be the process for accruing for postponed VAT where the invoice has yet to be posted on Sage please? 
 Thanks 
 John

AndyR. · Answer

Hi John, Thanks for your post. 
 Journals will not allow T18 postings as the tax is notional. Sage 50 Accounts looks to replicate the real life scenario as closely as possible, in this case it would expect to wait for the invoice to be sent / received before recording. If an early posting is required, your accountant may be able to advise further. If this helps, please click Verify Answer . Andy Sage UKI

Sage 50 Accounts

Accruing For Postponed VAT On Imports

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