VAT margin scheme and Sage

[vic1959]

Good morning all. I was wondering if anyone could provide some guidance regarding using sage 50 accounts 2011 for a company trading in secondhand motorbikes operating under the margin scheme for vat. I'm struggling to work out the best way to do this and wondered if anyone is already keeping records on sage for such a company. As always any advice would be appreciated. Vic

 

[lesvatadvice]

There are two common solutions;
1. use a special 'Dealer Management System,' which will produce the correct margin scheme figures, and also deal with part-exchanges. However, they generally come with other modules, and can be quite expensive.
2. manually calculate the margin and VAT, and journal that in for each transaction.

 

[vic1959]

Thank you for your prompt reply