I missed out om some VAT tax receipts on my last return and I am trying to bring them forward to this quarter (you can do this if total VAT is less than 10k for the quarter). How can I do this without changing the input date on the receipt, so it shows on the following quarterly VAT Calculation worksheet.
Thank you in anticipation
You can’t change the VAT reporting quarter without changing the date.
Understood. Thanks. It would be good if VAT quarterly periods could be set on Manager and if this occurred then tax reconciliation would then recognise missed payments and bring them forward. This is how other software programs deal with this issue.
Just an idea…
What exactly do you mean by a “missed” payment? From what you wrote, it sounds like you meant you forgot to enter a transaction and want Manager to somehow recognize, after the fact, that you did not include it when you filed taxes. How do you propose the program would know that a payment had been “missed?” What do you suggest is the connection between the accounting database and whatever filing you have made with your tax authority?
Some programmes recognise when a quarterly returned has been “closed”, so that any date related transactions posted subsequently are collected up as part of the next quarterly return.
without changing the input date.
Workout how much VAT you have missed and file the VAT return with the missed/adjusted payments.
Then create journal entry to balance off Tax Payable. I hope you got the idea…
Otherwise if the previous quarter is in the same accounting period. it would be an easy job to just change the input date with custom field stating Original invoice date.
Correct. Thanks Brucanna
Hi cometomama. both very good workarounds - thanks