Help with Sage year end/VAT return problem

Discussion in 'Accounts & Finance' started by rachgrif, Sep 30, 2008.

  1. rachgrif

    rachgrif UKBF Regular Free Member

    Posts: 3 Likes: 0
    Hi all

    I am completely new to the forum and hoping that someone out there can give me some advice.

    Our business is only a year old and I am a complete novice at accounting (picking things up as I go along). We have had an accountant for the last 12 months but have decided to change to a new one as we weren't happy. We are now 'in-between' accounts as this transition is taking a while and I really don't know what I'm doing with SAGE!

    Our business year finished at the beginning of August so Sage is now warning me about this each time I try to input new data. I am assuming by this, that I need to run a year end? If so how do I do this?

    My next problem is that I need to complete my VAT return for 1st June - 31st August so I am unsure how to do this on SAGE due to this period running over the year end date. Will completing a year end on SAGE mess up my figures for the VAT return?

    Any help at all would be greatly appreciated as my return needs to be in at very latest by 7th Oct.

    Thanks in advance
    Rachel
    Posted: Sep 30, 2008 By: rachgrif Member since: Sep 30, 2008
    #1
  2. Jenni384

    Jenni384 UKBF Regular Full Member

    Posts: 4,812 Likes: 1,528
    Running the VAT return won't affect the year end, don't worry about that. Get the VAT return sorted before worrying about the year end. You can continue inputting transactions without closing the year.

    I highly recommend paying a bookkeeper for just a couple of hours to point you in the right direction - you admit to being a Sage novice and there are various traps you could fall into without guidance. This is especially important if you're doing VAT returns as well. A lot of people do the bookkeeping themselves and get a bookkeeper in to double check the VAT returns once a quarter. I'd also get them to help you with the year end.

    I'd also find your new accountant asap, and between you, them and the bookkeeper you can find the best way forwards. Good luck :)
    Posted: Sep 30, 2008 By: Jenni384 Member since: Oct 1, 2007
    #2
  3. DuaneJackson

    DuaneJackson UKBF Regular Full Member

    Posts: 9,511 Likes: 1,004
    Hi Rachel,

    If you don't understand Sage, don't use it. There are lots (and lots!) of products out there that are easier to use.

    If you really insist on sticking with Sage then either budget a few grand for training or do as Jenni suggests and get a bookkeeper.

    Duane
    Posted: Sep 30, 2008 By: DuaneJackson Member since: Jul 14, 2005
    #3
  4. rachgrif

    rachgrif UKBF Regular Free Member

    Posts: 3 Likes: 0
    Thank you both for your great (and prompt!) replies.

    I do feel that I am getting to grips now with Sage but I do feel that your suggestion of a bookeeper to check what I'm doing is a good idea and this is something I will look into.

    We have an accountant ready to take over our finances but it's just been difficult trying to contact her to tie things up over the last couple of week. I've now made an appointment and we're due to meet with her on Thursday.

    In the meantime I will continue inputting our data into Sage so that I can at least complete the return. I can then sort the year end out later.

    Thanks again.
    Posted: Sep 30, 2008 By: rachgrif Member since: Sep 30, 2008
    #4
  5. Jenni384

    Jenni384 UKBF Regular Full Member

    Posts: 4,812 Likes: 1,528
    Duane depending on the aptitude of the trainee, you aren't looking at that much money at all. Sure, the formal courses are expensive but getting a bookkeeper in for a few hours to start is likely under £100, and then either the business owner can do the data entry and pay the bookkeeper periodically for bank reconciliations and VAT returns, or spend a bit more on training and do it themselves.

    Edit & disclaimer: This only works if the person can do it - it's not worth it if mistakes are going to be made, as rectifying it can cost more. Sage doesn't suit everyone and there are plenty of other good packages on the market, so there should be something for everyone :)
    Last edited: Sep 30, 2008
    Posted: Sep 30, 2008 By: Jenni384 Member since: Oct 1, 2007
    #5
  6. Jenni384

    Jenni384 UKBF Regular Full Member

    Posts: 4,812 Likes: 1,528
    Glad to have helped, yes, liaising with your accountant is by far the best way going forward, she will be able to advise what's best for you.
    Best of luck! :)
    Posted: Sep 30, 2008 By: Jenni384 Member since: Oct 1, 2007
    #6
  7. MikePage

    MikePage UKBF Regular Full Member

    Posts: 169 Likes: 32
    All very good advice - especially from the fragrant Ms Frost as usual - But - Duane.........
    A few Grand for Sage Training - Are you quoting in Norwegian Krone or have you just never used the product?

    From my personal experience I can spend a day with a business such as Rachels ( not touting for business - not my neck of the woods) and charge a couple of hundred quid and have a tailored accounting system with the client proficient & confident.

    I appreciate that you ARE touting for business and hoping Rachel would ditch her software in favour of yours, but........scare tactics.....abusing the position of SuperModerator..........not your finest hour - please go and stand in the corner for the rest of the afternoon!

    Regards

    Mike Page
    Posted: Oct 1, 2008 By: MikePage Member since: Jun 11, 2007
    #7
  8. DuaneJackson

    DuaneJackson UKBF Regular Full Member

    Posts: 9,511 Likes: 1,004
    Hi Mike,

    It was Noweigian Krone : )

    It wasn't really scare tactics - just an off the cuff remark.

    Duane
    Posted: Oct 1, 2008 By: DuaneJackson Member since: Jul 14, 2005
    #8
  9. MikePage

    MikePage UKBF Regular Full Member

    Posts: 169 Likes: 32
    I forgive you :
    PLUS
    if you ever want any advice on how to radically increase your uptake from Accountants - feel free to e-mail me - My rates are very reasonable!!

    Kind Regards

    Mike Page
    Posted: Oct 1, 2008 By: MikePage Member since: Jun 11, 2007
    #9
  10. DuaneJackson

    DuaneJackson UKBF Regular Full Member

    Posts: 9,511 Likes: 1,004
    Email is on its way!
    Posted: Oct 1, 2008 By: DuaneJackson Member since: Jul 14, 2005
    #10
  11. Kevin Hall

    Kevin Hall UKBF Regular Free Member

    Posts: 635 Likes: 214
    Back to the original query (sorry to interrupt).

    Be careful with the VAT return. Probably easy enough, but if you buy services from abroad, you might need the Reverse Charge. There is a button for this in Sage, but it only does it for purchases of certain goods (e.g. mobile phones). The Reverse Charge for buying in certain foreign services is different (Box 6 is used in one and not in the other!) and Sage (at least the version we have) still cannot handle it!!! Barking mad if you ask me, in the age of globalisation, but Sage is as Sage does. Viztopia is far worse ...
    Last edited: Oct 2, 2008
    Posted: Oct 2, 2008 By: Kevin Hall Member since: Sep 10, 2008
    #11