Calculating and filing your VAT return using Sage 50 Accounts is a fairly easy process and the software is user friendly, with information to guide you through the steps for completion, including how to generate your VAT reconciliation reports when you get to step 2 of the process.
But what if you forget to print or save the VAT reconciliation reports when you run your VAT return? What then?
Firstly let’s look at how to access your VAT reconciliation reports when you run a VAT return.
In the VAT module, once you have clicked on VAT return you’ll start at step 1 ‘Prepare VAT Return’, once you’ve backed up, entered your date range and checked the settings you would click on ‘Calculate VAT Return’.
Step 2 ‘Reconcile VAT Return’ is where you can view your verification results to check for any possible errors (if you find any that need correcting, you’ll need to close the VAT return and deal with them before re-running the VAT return again).
In step 2, you get the ability to print off your ‘Reconciliation reports’ (see Reports section).
The ‘Reconciliation reports’ window will appear and from here you can choose your VAT scheme
If you operate the standard (accrual basis) VAT scheme where the tax point date of invoices triggers your VAT, then you would drill-down into the ‘Standard VAT’ section and then choose to run the reconciliation reports you’d like.
But what about if you forgot to complete this at step 2 and your VAT return is done and dusted? Can you get back to those same reports?
Well, there’s good news and bad news!
The bad news is you can’t get back to this exact report window:
The good news is you can get to the same reports via VAT > Verification Reports:
Then choose VAT Audit and then your VAT scheme to find the reports:
We hope this information has been helpful to you. If you’re not already part of our Facebook Sage Community Support groups, then please do join us, for more hints, tips and advice from fellow Sage users.
“Any advice relating to accounts or tax should be sought from your tax accountant. Sage Accounts Solutions Limited will not be held responsible for any loss or damage caused as a result of the information contained herein.”