Accounting Ideas

Vat summary - not correct

Having done my first VAT return on sage cloud I was confused as to why the amount to be paid on the return differed greatly from the vat liability on the summary page. I am told it's because the summary does not include some figures e.g. from journals. This is totally misleading and gives the wrong impression on how much the business needs to budget for the vat.

  • Guest
  • Nov 18 2020
  • One For The Future
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  • Guest commented
    15 Jan, 2021 01:38pm

    We are under the cash accounting scheme and it would be great if the summary could cater for different schemes to give an accurate account of the liability.