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rachykn

VAT box 1 incorrect. Posted JD to adjust but they are appearing in box 4 of the vat return.

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Hi, 

I have posted some VAT journals to adjust for sales VAT which was originally incorrectly posted. We post our revenue as journals. The journal debits that i posted to adjust are appearing in BOX 4 which means the Box 1 is incorrect as well as box 4. 

How do i correct for this especially now that we are submitting via MTD. Before i used to do a manual adjustment on excel and manually input the details. 

Please can you advise. 

Regards, 

Rachel 

Parents
  • 0

    Hi Rachel

    As you have discovered, Sage treats Journal debits as a ‘payment’ (Box 4) and Journal Credits are treated as ‘income’ (Box 1).  For future reference, if you need to ‘reallocate’ Box 1 & Box 4 figures, you can do this via the Adjustments button on the VAT Return. There is a little pencil icon against each box. Use this feature when you are ready to submit the Return; you will have to enter a description for the adjustment and, most importantly, only enter the adjustments necessary  to agree the calculated value. Hope that helps.

    Regards

    Lestat

Reply
  • 0

    Hi Rachel

    As you have discovered, Sage treats Journal debits as a ‘payment’ (Box 4) and Journal Credits are treated as ‘income’ (Box 1).  For future reference, if you need to ‘reallocate’ Box 1 & Box 4 figures, you can do this via the Adjustments button on the VAT Return. There is a little pencil icon against each box. Use this feature when you are ready to submit the Return; you will have to enter a description for the adjustment and, most importantly, only enter the adjustments necessary  to agree the calculated value. Hope that helps.

    Regards

    Lestat

Children
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