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Opening VAT balance not included in first quarterly VAT Return
I have recently started using FreeAgent and back dated accounts from start of current company year on Oct 1st 2008
However I do quarterly VAT returns and this spans the year end. As such I have entered an opening VAT balance which correctly shows up in Taxes-->VAT-->Statement of Account
The problem is that this balance is not included in the VAT liability or in the period return. I realise VAT calcs are driven from sales receipts but is there any way to manually add or flag this balance in so it will be included in the return?
Thanks in advance
Ben
However I do quarterly VAT returns and this spans the year end. As such I have entered an opening VAT balance which correctly shows up in Taxes-->VAT-->Statement of Account
The problem is that this balance is not included in the VAT liability or in the period return. I realise VAT calcs are driven from sales receipts but is there any way to manually add or flag this balance in so it will be included in the return?
Thanks in advance
Ben
I’m hoping this can be resolved
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Inappropriate?Ben,
It's more than just the VAT liability that needs to be reflected, unfortunately, As you know, the other boxes on the Return need to be calculated from the VAT-related items themselves.
You may need to add in VAT-related items from prior to your FreeAgent Start Date and then set your VAT Opening Balance to zero.
Although the 'Initial Balance' in the VAT Statement will show the FreeAgent Start Date, you can assume it corresponds to the start of that earliest VAT period.
These pre-freeagent-start items will be included in the VAT calculations, but will be ignored for other accounting purposes.
Do let me know if that makes sense, and how you get on... -
Inappropriate?I've got this problem too. My VAT quarter ends Oct 09, my company year started 1st Oct 09 which is when I switched to using FreeAgent.
My previous accountant's online system has provided me with the VAT return info with the information they have available from the first 2 month's of the quarter - is it possible for me to just add 2 entries (1 for input VAT, 1 for output) for the 30th Sep 09 to provide the necessary info to do the calculation?
I really don't want to have to enter all the entries for the whole quarter in 2 places if I can avoid it!
If so, er, what numbers do I put where ?
Rachel
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Inappropriate?Or can I just manually take your VAT report, their VAT report and add all the numbers in the same boxes together to generate the report I actually submit to HMRC?
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Inappropriate?Hello Rachel.
You could indeed simply manually add both sets of figures together and file a total VAT return.
I think that would be easier than trying to post journals to record the VAT.
Do let me know how you get on and if you get stuck so that I can help you.
Kind regards,
Emily
1 person says
this answers the question
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Inappropriate?Hi Rachel and all,
Further to this, as part of the revamping of opening balance entry which we are planning at the moment, we're looking to put in some extra boxes to allow you to put in output and input VAT if you start using FreeAgent midway through a quarter.
We're hoping to put this feature in the next release due out in December but if not that one then we'll aim for the release after that.
Would people find this useful, please?
Kind regards,
Emily1 Comment Add a comment
This answers the question
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Was this implemented in December? We started using Freeagent at the start of the year and obviously have the problem with the VAT due from Nov and Dec - but I haven't seen the box that you referred to :-(
If it's not in place yet will it be coming?
Cheers
Neil -
Inappropriate?Hello Neil,
You're quite right - this isn't in place yet. It will be coming, yes, so please do bear with us!
Kind regards,
Emily
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