Does Solar Accounts have a method of flagging VAT transactions so that invoices which may have inadvertently been missed or need correcting get picked up in later VAT periods even though their date is from an earlier period?
Hi Mark,
No, Solar Accounts is not that clever. You will need to keep track of the changes you have made to previous VAT periods, then manually adjust the figures as you copy them from Solar Accounts to your next VAT return form.
Regards,
You could also follow these instructions posted by mark some time ago.
Thanks for your purchase!
When producing VAT returns, Solar Accounts is not clever enough to pick up any transactions outside the period you give it. You therefore will need to expand the VAT period in Solar Accounts to cover two VAT returns and subtract the previous return from the figures it calculates.
For example, say your VAT return is due every 3 months and you submit a return for the period January - March 2009, then later add another invoice dated in March 2009. When you come to produce your VAT return for the period April - June 2009, set the VAT period in Solar Accounts to be January - June 2009 (ie. six months). Write down the figures for Boxes 1 to 9 of this 6-month report. Then write down the figures for Boxes 1 to 9 from your previous VAT return (January-March 2009). Finally subtract the second set of figures from the first set - this gives you the figures for your April-June VAT return.
Similarly, if your VAT return is due every month, then the 'expanded' VAT report should cover two months.
I hope this makes sense - please let me know if you need more information.
Thanks Tom and Mark
Yes that makes perfect sense.
Already Im finding both Solars interface and methods far more intuitive than previous software, perhaps its horses for courses but I think working with Solar is going to be an enjoyable experience, something I cant truely say for other packages.
Hopefully it will handle CIS without fuss as Im both a contractor and sub contractor and this type of entry was always a pain, hopefully you wont need to hear from me!
Regards
Mark
Hi Mark,
Glad to hear you like our software! By the way, here are our help topics for both contractors and subcontractors on the Construction Industry Scheme:
http://www.solaraccounts.co.uk/help/notes-on-the-construction-industry-scheme.php
Regards,
