Aleyandra
8th February 2010, 15:47
I am quite new to accounts and last year I was just keeping records manually as our company was too small for computerised accounts. However we have just about got to the stage where I thought using Sage would be beneficial.
I have entered all invoices/payments for last year and compared the VAT retuns done by myself manually to the ones, generated by Sage.
The amounts paid/reclaimed match, but the Total Sales and Total Purchases (Boxes 6&7) are quite different. The return I ran on Sage seemed to have included transfers into the calculations, so for example where I had £0 sales, Sage made it £30,000 purely because the money where being transfered to/from savings.
Does this sound correct or am I mising something obvious, like needing to untick a box somewhere for transfers not to be included?
Thank you very much!
I have entered all invoices/payments for last year and compared the VAT retuns done by myself manually to the ones, generated by Sage.
The amounts paid/reclaimed match, but the Total Sales and Total Purchases (Boxes 6&7) are quite different. The return I ran on Sage seemed to have included transfers into the calculations, so for example where I had £0 sales, Sage made it £30,000 purely because the money where being transfered to/from savings.
Does this sound correct or am I mising something obvious, like needing to untick a box somewhere for transfers not to be included?
Thank you very much!