Here at Sage we understand VAT can keep our customers awake at night. With the new Sage 50 Accounts 2014 – The VAT Edition we listened to our customers and made it simple. We have redesigned our VAT return in order to make it easier for our customers to complete.
There are three stages to the VAT return:
1st Stage: Prepare VAT Return
This image shows the eight checks that are automatically run in the background.
If any of the settings for any reason does not apply to your company VAT return you can simply un-tick it and it will not show up as an issue in the verification results.
A great new feature with Sage 50 2014 “The VAT Edition” is that any transactions posted outside of the date range chosen for the VAT return will be flagged. You will be asked if you want to include them in the VAT return. This will give you full details of what the transactions are so you then have the option to correct it before moving on or include/ignore it for VAT purposes.
2nd Stage: Reconcile VAT Return
At this stage we can make manual adjustments to the VAT return if needed.
When you are happy with this you reconcile the VAT return and flag the transactions so they don’t show up on any future VAT returns.
3rd and final stage: Complete VAT Return
At this stage we have the option to update journals on the system to say VAT transfer has been done, we can record a payment has been made and we can open the folder the VAT return is in so we can upload it to revenue.
This is a one stop shop for VAT return in a very easy to understand process. It completely reduces human error and is a major time saving resource.
The new Sage 50 VAT Edition also brings the introduction of the Show Me How section.
VAT is our second highest support call generator so we decided to do something to help our customers understand it better. This guide will answer nearly every question you have on VAT thus reducing the need to call in.
With VAT returns made this easy you can have the confidence that you are processing VAT correctly.