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VAT Overpayment
I noticed when preping my vat return last night that some of the transactions impacted the prior vat period: 05/09. This means that in effect I over payed for last period. The calculation for this period doesn't seem to be bringing those new transactions into this period.
SAGE used to do this for me but I much prefer FAC.
Thoughts?
Should I be locking each period as soon as it is completed? How then do I add items I have inadvertantly missed into a prior period?
SAGE used to do this for me but I much prefer FAC.
Thoughts?
Should I be locking each period as soon as it is completed? How then do I add items I have inadvertantly missed into a prior period?
I’m unsure
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Inappropriate?Hello Nigel,
If you haven't yet locked the VAT period ending 05/09 then you will be able to enter invoices and bills into that period - and you'd need to manually adjust your 08/09 return to include these transactions.
So once you'd finished entering figures for 05/09, go to the FreeAgent VAT page for that quarter and look at the figures, and subtract the VAT return you've already worked out for that period.
This is your 05/09 difference and you would need to add / subtract the difference from the 08/09 VAT return as worked out by FreeAgent before you submit the 08/09 return to HM Revenue & Customs.
Once you've locked a VAT period on FreeAgent, you can't enter any more invoices or bills dated in that period. You'd have to either unlock the VAT return before entering them (which you should only do if you haven't yet submitted that return to Customs) or you'd have to date them with the first date of the next period.
I hope that helps but please do ask - or speak to your accountant - if you're not sure.
Kind regards,
Emily
EMPLOYEE
