I am puting last years figures in to Solar Accounts and have come across a situation.
I purchased an item that was not charged the correct VAT when it was 15%. The item came to £174.98 + £28.62 = £203.60. The correct VAT amount is £26.56. I did not check this as it was computer generated and claimed the £28.62 a difference of £2.06.
How do I correct this.
Hello KP,
The simplest solution is to record a General Transaction for £2.06 from the VAT Liability account to the appropriate expense account. Then on your next VAT return you will need to manually decrease your Box 4 figure by £2.06.
Regards,
