More Sage pain
Discussion
BliarOut said:
I can just about do that
A T9 if I'm getting the hang of it?
A T9 if I'm getting the hang of it?
exactly!
As Eric says, if you understand using a journal method, which isn't the easiest way of bookkeeping, then thats the way to do it. Also, it should give you a far better understanding of bokkeeping generally than something like Quickbooks which is easy to use, but not that flexible in the reports etc it throws out.
Spot on.
What you will be doing is transferring the Output VAT on Sales for the Quarter and the Input VAT on Purchases for the Quarter to the VAT Payments account. The VAT Payment cheque has already been posted to that account so that, in theory, by the time you have posted these journals the balance on the VAT Payable account should be Zero. If it isn't, you have a problem
Bliar - would I be making life complicated for you by mentioning the words "VAT Fuel Scale Charges"?
What you will be doing is transferring the Output VAT on Sales for the Quarter and the Input VAT on Purchases for the Quarter to the VAT Payments account. The VAT Payment cheque has already been posted to that account so that, in theory, by the time you have posted these journals the balance on the VAT Payable account should be Zero. If it isn't, you have a problem
Bliar - would I be making life complicated for you by mentioning the words "VAT Fuel Scale Charges"?
If you are not familiar with, or don't want to use journal entries, an alternative way (for the non accountant) would be to
Create a Bank Payment to the VAT Liability Account (n/c 2202) with a Tax Code of T9.
Then transfer your VAT out of the Sales and Purchase Tax Control Accounts for the period you are paying into the VAT liability account, this can be done via the 'VAT transfer wizard'... Choose 'Modules' and then 'Wizards' from the menu.
Line 50 will post all the necessary journals automatically.
Similarly, when you are ready to look at Scale Charges... check out the Scale Charges wizard again from the Modules menu.
Also, check out the Opening and Closing Stock wizard which will automatically calculate and make the postings for cost of sale, and the global changes wizard if you want to make a lot of changes at the same time.
There's a lot more depth to Sage Line 50 and Instant Accounts than would first appear... some very clever stuff indeed, just a shame it's all kept a closely guarded secret!
Create a Bank Payment to the VAT Liability Account (n/c 2202) with a Tax Code of T9.
Then transfer your VAT out of the Sales and Purchase Tax Control Accounts for the period you are paying into the VAT liability account, this can be done via the 'VAT transfer wizard'... Choose 'Modules' and then 'Wizards' from the menu.
Line 50 will post all the necessary journals automatically.
Similarly, when you are ready to look at Scale Charges... check out the Scale Charges wizard again from the Modules menu.
Also, check out the Opening and Closing Stock wizard which will automatically calculate and make the postings for cost of sale, and the global changes wizard if you want to make a lot of changes at the same time.
There's a lot more depth to Sage Line 50 and Instant Accounts than would first appear... some very clever stuff indeed, just a shame it's all kept a closely guarded secret!
Edited by Red V8 on Tuesday 6th March 20:58
RichUK said:
Phil Hopkins said:
You'll be a millionaire soon Rob! Especially if you're paying the VAT man money. I'm still in the position where he's writing ME cheques.
I yearn to get a refund from the VAT man nowadays!
I went VAT registered from day one voluntarily... It'll be a little while yet before I'm a millionaire!
Which is this going to be - is it all Salary, all Dividend or a combination of both?
Which tax year do you intend the payment to relate to - 2006/07 or 2007/08?
(And where is your accountant - he should be liaising with you at this moment as the placement of payments into tax years is an important point in tax planning).
Which tax year do you intend the payment to relate to - 2006/07 or 2007/08?
(And where is your accountant - he should be liaising with you at this moment as the placement of payments into tax years is an important point in tax planning).
If you haven't paid yourself from the company yet, are you making maximum use of your 2006/07 Personal Tax allowances, expense claims etc etc etc?
The annual lower earnings limit before NI is payable on salaries is £5,200 for 2007/08.
As a director, you can pay yourself up to this amount in a series of lump sum payments without worrying about paying over any NI. Obviously, once exceeded, any further payments of salary above £5,200 will result in an Employee's NI AND and Employer's NI amount being payable.
From a dividends point of view, you need to be sure that the company has sufficient rserves available to enable dividends to be lawfully paid to the shareholders.
Also, make sure that full account of Expenses paid out of Pocket by the directors (i.e yourself) are properly accounted for as this allows you to repay yourself from the company, tax and NI free - provided all the expenses incurred were "Wholly and Exclusively for the purpsoe of the trade" and the necessary details are shown in the P11d when appropriate.
The annual lower earnings limit before NI is payable on salaries is £5,200 for 2007/08.
As a director, you can pay yourself up to this amount in a series of lump sum payments without worrying about paying over any NI. Obviously, once exceeded, any further payments of salary above £5,200 will result in an Employee's NI AND and Employer's NI amount being payable.
From a dividends point of view, you need to be sure that the company has sufficient rserves available to enable dividends to be lawfully paid to the shareholders.
Also, make sure that full account of Expenses paid out of Pocket by the directors (i.e yourself) are properly accounted for as this allows you to repay yourself from the company, tax and NI free - provided all the expenses incurred were "Wholly and Exclusively for the purpsoe of the trade" and the necessary details are shown in the P11d when appropriate.
Edited by Eric Mc on Tuesday 1st May 14:06
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