Accounting Ideas

Flat rate scheme adjustment. No way to obtain VAT breakdown to gross up expenses. Need a VAT breakdown on the nominal activity report.

The flat rate scheme adjustment only posts the saving or loss made. This leaves the expense nominals net of VAT and sales short by the amount of purchase VAT. A journal needs to be posted to gross up sales and gross up the expenses for the VAT element. However, there is no report other than the detailed audit trail that will allow this information to be obtained. The detailed audit trail is not in a format that can be sorted easily and therefore to obtain the information required I would have to review every transaction which is not time efficient.

Either the nominal activity report needs a VAT column to show the amount of VAT deducted.

Or the audit trail needs to show the nominal and split the VAT without posting it on separate lines so it can be sorted.

  • Guest
  • May 20 2020
  • One For The Future
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