D
danwednesday
- Original Poster
- #1
Hi,
I'm running a VAT return for this quarter (1st Feb to 31st Apr) in Sage Instant Accounts (latest version). When I click 'calculate' it says:
"114 transactions found for this VAT return. 54 of these transactions are unreconciled and before the specified period. Do you want to include the unreconciled transactions?"
If I run this, my VAT liability seem to be way higher than it should be. I've done a quick total up of payments received to my company bank statement and the value of everything I've received this quarter is much less than what Sage is giving me as the 'Total value of sales, excluding VAT' figure in this quarters' calculation. I'm using cash accounting, so the VAT liability should be on the actual amounts received/paid rather than what I've invoiced as far as I understand it.
I've checked my sage bank balance (nominal code 1200) and it reflects my bank account balance exactly as of 31st April so I'm sure everything balances correctly - my books should be very much accurate to the penny. The problem is there are these 54 unreconciled transactions whcih are poking their head up in this quarter's return.
I've looked at my last VAT return which I printed out and there were 54 transactions in total on that one, so I'm concluding that I probably didn't hit the 'reconcile' button after doing last quarters VAT return.
I don't even know what reconciling is to be honest, so, firstly, does this even seem plausible? If so, can I reconcile that old VAT calculation as if I'd just completed last quarters' return, or will that cause problems?
Any help/advice much appreciated as to how to sort this out, thanks folks!
I'm running a VAT return for this quarter (1st Feb to 31st Apr) in Sage Instant Accounts (latest version). When I click 'calculate' it says:
"114 transactions found for this VAT return. 54 of these transactions are unreconciled and before the specified period. Do you want to include the unreconciled transactions?"
If I run this, my VAT liability seem to be way higher than it should be. I've done a quick total up of payments received to my company bank statement and the value of everything I've received this quarter is much less than what Sage is giving me as the 'Total value of sales, excluding VAT' figure in this quarters' calculation. I'm using cash accounting, so the VAT liability should be on the actual amounts received/paid rather than what I've invoiced as far as I understand it.
I've checked my sage bank balance (nominal code 1200) and it reflects my bank account balance exactly as of 31st April so I'm sure everything balances correctly - my books should be very much accurate to the penny. The problem is there are these 54 unreconciled transactions whcih are poking their head up in this quarter's return.
I've looked at my last VAT return which I printed out and there were 54 transactions in total on that one, so I'm concluding that I probably didn't hit the 'reconcile' button after doing last quarters VAT return.
I don't even know what reconciling is to be honest, so, firstly, does this even seem plausible? If so, can I reconcile that old VAT calculation as if I'd just completed last quarters' return, or will that cause problems?
Any help/advice much appreciated as to how to sort this out, thanks folks!
