Help with VAT Return

[Aleyandra]

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!

 

[Zeno]

It sounds as though you have entered the transactions for the bank accounts transfer with the incorrect code tax code.

 

[Aleyandra]

It sounds as though you have entered the transactions for the bank accounts transfer with the incorrect code tax code.

Hi Zeno, thank you for such a quick response. I suspected that, but can't find what it should be or where I can correct it. I will keep looking...

 

[Crowy2004]

The transfer to and from savings should have been given the code T9 when entered onto SAGE.

 

[Aleyandra]

The transfer to and from savings should have been given the code T9 when entered onto SAGE.

Thank you very much! I've amended the credit side of all transactions and it resolved my Sales Totals issue. Haven't figured out how to do this for debits though as the current account is not coming up in the list when I go into "make corrections". Still, thank you for the code, it helped a lot

 

[Zeno]

You realise that you don't really need to do this? So long as the VAT control a/c is reconciled I can't see this affecting anything. Just make sure you get it right from now on for future VAT returns.

 

[Aleyandra]

You realise that you don't really need to do this? So long as the VAT control a/c is reconciled I can't see this affecting anything. Just make sure you get it right from now on for future VAT returns.

I know Just want to know that I am doing things right