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Cash Acc V's standard accounting error is sage 50

  • 14-02-2011 3:32pm
    #1
    sage4me
    Registered Users, Registered Users 2 Posts: 79 ✭✭


    Hello,

    OK - just realised something BIG, BIG, BIG on sage 50 professional. When I joined I was dealing with the accountant and asked are we standard or cash accounting and was told cash accounting.. Toddling along on my merry way for the last YEAR - and only twigged something about the VAT and realised whoever set the company up have set it up as standard accounting.

    So my VAT for the year is wrong :-( -- so my question is, is there a report I can run as in under customers, reports, day books invoices paid etc to break it down ?

    Any help greatly appreciated.


Comments

  • #2
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Possibly silly question - do you have SAGE support?


  • #3
    boatbuilder
    Registered Users, Registered Users 2 Posts: 624 ✭✭✭boatbuilder


    What version of sage do you have? Go to help and about and you'll see it there. I can email you a report.

    But for future stuff, to change your system back to standard vat, you need to vat reconcile all transactions....ie go to financials and vat, then enter from 01/01/1980 until 01/01/2102, tick the box "include reconciled" then calculate, then reconcile.

    Then you can go into the system settings and tick the correct box for standard vat.
    (note: take a backup before you do any of this)


  • #4
    sage4me
    Registered Users, Registered Users 2 Posts: 79 ✭✭sage4me


    Hi

    smcgiff - to answer you question no - the boss didn't think we needed it and wouldn't pay for it - boy did he get that wrong.

    boatbuilder - we are using Sage 50 2009 Ver 15.01, and any help on this would be great.. I just don't want to point out the obvious if I don't have a solution. I want to be able to say - OK, this is what has happened for the last year, but this is how we rectify it.

    Thanks


  • #5
    boatbuilder
    Registered Users, Registered Users 2 Posts: 624 ✭✭✭boatbuilder


    Pm me your email address and I'll email two reports to you...one for Purchases Vat and the other for sales VAT (both based invoices/credit notes)


  • #6
    sage4me
    Registered Users, Registered Users 2 Posts: 79 ✭✭sage4me


    Hi all,

    Well after spending all day working on the Customer VAT and Bank Statements to ensure they matched - I am not very pleased to announce that we have UNDERPAID - the revenue by a lovely 17368.00 -

    Isn't that just want you want to realize just after christmas :-(

    So just out of curiousity, how do you go about telling the Revenue that you made a complete and utter balls of your VAT return for the last year and owe them more money ? Would they allow us to set up a D/D for an agreed amount say, 2K per month until its cleared ? We have never had a problem before with revenue or paying any monies that are owed and we have been trading for the last 6 years.

    Thanks for any advice offered on how to deal with this. I am so angry that the accountant is so flippant about this, their reaction was basically sorry about that.. let us know how you get on ..

    Thanks guys.


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