Accounting Ideas

Net and Vat Values on reports

Customer Receipts and Payments Report currently has headings for Net, Vat and Total columns but only the total value is shown.

If all columns were populated with a value it would be a quick calculation to ascertain that the vat had been calculated correctly, similarly with Aged Debtors Report.

We recently discovered that on 3 occasions Sage incorrectly calculated the vat on customer receipts, affecting not only our vat return but our TB Vat on Sales and Vat on Sales Holding values.

We only picked this up as we kept a manual tally of our vat. It involved a days work going through all the reports to find the 3 customers this related to.

Bank reconciliations are first thing done in ME so we could not delete the customer receipt as it was reconciled. It involved a lot of bother correcting manually on vat return then having to journal the amounts into the correct nominal codes.

As the headings are already there on one of the reports it would make sense to have the columns actually populated with the values.

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  • Sep 21 2020
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