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Post Info TOPIC: Monthly vat accruals


Senior Member

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Monthly vat accruals


Evening all, 

I am now at the stage where I am going to have a go at producing the monthly management accounts. I have had a look at the previous two months of journal entries for accruals and there are postings for sales/purchase tax.

Why is this. Am I missing something really simple? Client is on a standard vat scheme and last vat quarter was upto 30th September and journals have been posted for August and September. No other journals have been post other than the two months mentioned.

Thanks



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Master Book-keeper

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Hi Nicola
Ok, lack of sleep not helping my brain.

Are the bookkeeping details and management accounts run via the same software/spreadsheet?

Is it software - if so what?

What exactly is the double entry that has been processed for these entries?

What sort of amounts? Just portion of VAT or whole lot? Does it seem to represnt missing invoices? Were the items reversed and if so at what date?

If you run a dummy VAT report - does the system pick up this VAT?

Was this same procedure carried out in previous months?

Has the actual bookkeeping been done since September?
 



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Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Senior Member

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Date:

Hi Joanne, 

I feel your brain with lack of sleep!

From what i have seen briefly the management accounts are produced on a spreadsheet each month and are up to date as of end of September. 

Double entry is: 

CR - Vat on sales £3009.25

CR - Vat Account £2458.76

DR - Vat on Purchases £5468.01

There are no reversals for the entries in either of the months. I did think of missing invoices but then there is no reference to this at all. 

This same procedure was carried out in August. There is nothing prior to this which i found odd. I haven't run a dummy vat report yet and the previous Bookkeeper was up to date until end of October. 



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Master Book-keeper

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via Sage?

Are they on monthly VAT?

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Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

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Date:

What were the July and August figures and then what was the total on the actual VAT return?



__________________

Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

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Posts: 7206
Date:

Oops just noticed spreadsheet. Sorry. Scan reading! Ive been told off before on here for doing that!

Within the spreadsheet does it actually separate out the VAT when you process a sales or purchase invoice. Wondering if the VAT is done elsewhere and lump sum adjustments to the control accounts each month. Total on the VAT account over the three months is then your VAT due.

Although that of course would be bonkers as it still needs the reversals (and dont even go there on MTD).

Needs a lot more drilling down to find out.

Unless Im missing something obvious - which is possible today.

__________________

Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Senior Member

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Posts: 200
Date:

I have only brought the  journal entries home with me. Wish i'd have brought everything now. I think i need to have a good look at the spreadsheet to see if i can spot anything. I'm not back in their office for a week so thought i'd try and get a better understanding of everything in my own time. I might have to nicely ask my client n to email me the spreadsheet.



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