Flat Rate (Cash) Scheme
I currently use the above scheme, for the first return on Easy Books all balances were correct, and unpaid invoices were deducted from the Sales figures, so that the VAT due was calculated correctly.
However, on the subsequent return, the invoices from the previous quarter which were unpaid on the last return, but subsequently paid are not taken into account, therefore the VAT due is incorrect.
Am I missing something?
Thanks
Leanne
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Support Staff 1 Posted by Admin on 05 Oct, 2011 03:32 PM
If you filed the VAT return, the previous VAT owed would have been transferred to your HMRC (VAT) account. Did you then add the transfer between this and the main cheque account when you paid the VAT?
What you mentioned could be caused by not filing the return, make sure you have the correct date set for the end of your first VAT period.
Mathew
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2 Posted by Leanne Barnes on 05 Oct, 2011 04:46 PM
Hi,
Thanks for the quick response, I have filed the first return, it is showing in the HMRC (VAT) account. I have then entered the payment from the bank against this account. All the start and end dates are correct on each return.
When I run the next quarter return report, all the calculations for this period are correct, but the previous quarter shows all zeros, there are no adjustments for last quarters sales that have only been paid this quarter?
Regards
Leanne
Support Staff 3 Posted by Admin on 06 Oct, 2011 01:27 PM
Would you like to email me a backup file to look at for you? I've made the discussion private for now.
4 Posted by Leanne Barnes on 06 Oct, 2011 01:51 PM
Hi Mathew,
Backup as requested.
This backup is intended for restore on an iPad or iPhone running OS 4.0. Tap and hold the attachment in the email, then open 'Easy Books'
Support Staff 5 Posted by Admin on 06 Oct, 2011 06:43 PM
Thanks for that Leanne,
I think when you run the cash based flat rate scheme you should still be presenting customers with a real VAT invoice, but it looks like all of your sales entries are made with zero sales VAT. Where VAT is charged to a customer, this should be accounted for using the VAT accounts when entering the sales. This means Easy Books can keep track of how much VAT was charged and move the excess of your cash scheme balance over to additional income automatically.
I think the whole process will work fine if you change the sales to account for the VAT.
Sorry to give you some bad news, it looks like you have a lot of entries to edit.
Mathew
Admin closed this discussion on 06 Oct, 2011 06:43 PM.
Leanne Barnes re-opened this discussion on 06 Oct, 2011 06:58 PM
6 Posted by Leanne Barnes on 06 Oct, 2011 06:58 PM
Hi Mathew,
That has sorted the problem, everything reporting correctly now! Many thanks for your help.
Regards
Leanne
Admin closed this discussion on 07 Oct, 2011 08:26 AM.