VAT End of Quarter calculations
Hello,
At the end of last last quarter I had invoices that were unpaid. Often my client will be 30days behind in payment for my invoices. Sometimes the will pay 3 invoices in a single payment and often they the order they are paid is not sequential. i.e. An invoice may get missed off the payment run
The system seems to assume invoices are paid in order and
attempts to estimate which invoices have not been paid at the end
of the quarter using the unpaid outstanding amount at the end of
the month as a guide. How does it know which invoices are paid or
unpaid to ensure the correct VAT calculations for Flat Rate CASH
companies?
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Support Staff 1 Posted by Admin on 07 Apr, 2011 07:12 PM
You're right, for the purposes of calculating the VAT owed on the cash
scheme, it always assumes the payments reduce the balance owing of the
oldest outstanding invoices first.
On 7 April 2011 18:00, rfl <
[email blocked]> wrote: