Hi,
We are currently preparing our VAT returns on a Cash Received Basis. Our first year is now up and I am trying to prepare the Accounts figures for the Accountant.
I presume when doing the Nominals, the Sales will be posted from the Sales Day Book based on invoices issued. What I am unsure about is how to balance the VAT Control Account. Obviously the VAT due per the Sales Day Book will be much higher than the VAT due on the Cash Received Basis. How do I account for the difference in the VAT control Account?
I am new to this so any help would be appreciated.
Thanks,
Tweety.
We are currently preparing our VAT returns on a Cash Received Basis. Our first year is now up and I am trying to prepare the Accounts figures for the Accountant.
I presume when doing the Nominals, the Sales will be posted from the Sales Day Book based on invoices issued. What I am unsure about is how to balance the VAT Control Account. Obviously the VAT due per the Sales Day Book will be much higher than the VAT due on the Cash Received Basis. How do I account for the difference in the VAT control Account?
I am new to this so any help would be appreciated.
Thanks,
Tweety.