Need help on Sage Instant Accounts

working girl

I'm currently trying to input all our company's invoices into Sage Instant Accounts and I have a question with regards to invoices that I don't have and have not claimed VAT on but are nonetheless shown on my credit card and bank statements. How do you input these missing invoices and what nominal and tax code would they be under (as I've been told by my accountant that the accounts have to match the bank statements and if they don't you need to have a very good reason why)

smcgiff

Well, if you don’t have a VAT invoice you cannot claim VAT (strictly speaking at least). To keep your records straight you should request an invoice from the supplier named on your credit card statement.

Now, it’s my experience that most CC payments are for non VAT claimable invoices such as foreign purchases, petrol or air tickets etc. So, in these cases you just need to make a payment from the CC account direct to the expense code and not via the Supplier account. Of course, in your case the CC MAY be used to pay suppliers - so watch out.

starfish30

totally agree with the above, get an invoice to make sure what vat amount you paid e.g. 13.5% or 21% so you can put it up as a purchase invoice, or if you can't claim the vat back, then go to the Bank module, and highlight the cc bank account, and click on the 'payment' button, you can enter in the expense here, and use a 0% vat code and say what nominal the expense should go to.

working girl

It's great to get clarification on that. This issue has been wrecking my head for a while as I'm new to bookeeping. Thanks guys. Really appreciate it.