Just going through and entering all our details for 04/08 - 04/09. Couple of questions.
When entering monies paid out we have been assigning 15% as the VAT rate, this is wrong isnt it? And if so, is there a quick way to rectify rather than editing each record?
Secondly, when paying out small amounts ie milk, parcel tape etc from the till we have been inputting these as "General Transactions. Is this correct or should we be actually assigning these as "monies paid out" and allocating the correct VAT.
If it makes a difference we are on the flat rate scheme and registered on the 1st September 08??
Many thanks
Hi Adrian,
Yes, the VAT rate should be 17.5% for transactions before 1 December 2008. You should also ensure that transactions before 1 September 2008 haven't been entered under the VAT rate scheme (to check this, click the small 'up arrow' next to the VAT Treatment in each transaction window).
A fast way to update the VAT rate in bulk is to export the Money Paid Out transactions to a CSV file, change the VAT rates (and VAT amounts) in Excel, then import the CSV file back into Solar Accounts. (While you're at it, you could also delete the 'VAT Flat Rate' where approprate).
And yes, ideally you should record the small payments as Money Paid Out instead of a General Transaction.
Regards,
