Hi there, when I look at Tax >> select a VAT3 entry >> hit ‘click to view’ on "VAT items for this Period", the total seems to be calculated on a cash or payment received basis. AS My company works on a VAT invoice-issued basis, I cannot use Bullet’s useful ‘Upload ROS file’ feature as the figure isn’t accurate for my business. Is there a way for me to switch the calculations to use ‘invoice issue’ date?

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Hi there, when I look at Tax >> select a VAT3 entry >> hit ‘click to view’ on “VAT items for this Period”, the total seems to be calculated on a cash or payment received basis. AS My company works on a VAT invoice-issued basis, I cannot use Bullet’s useful ‘Upload ROS file’ feature as the figure isn’t accurate for my business. Is there a way for me to switch the calculations to use ‘invoice issue’ date?

  1. accounts57 February 20, 2016
    Thanks

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Peter Connor ⋅ Staff February 20, 2016
Public

Hi. 
Invoice bases is pretty rare in Ireland for SMB’s.
We can migrate accounts, if I remember right. How many invoices have you got?
Pete

#answer-2872
  1. accounts57 February 20, 2016
    Hey Pete,
    I wasn't aware that invoice-based was rare. It's the default when setting up a new company and you have to apply to Revenue to switch to cash-basis, as far as I'm aware. I've got a request in with Revenue for some weeks now but no update yet.
  2. accounts57 February 20, 2016
    I've 71 historical invoices
  3. Peter Connor February 20, 2016
    Hi,
    Hmm I'm not sure how that happened. Cash bases is for cashflow help. So you only owe the VAT when you get paid. Seeing as most people have a 3-6mt pay time frame. Invoice bases can expose you etc.
    Have you got an accountant?
    Pete
  4. accounts57 February 20, 2016
    Yes, I feel very exposed! My pay terms are general 30 days or less and most clients have decent behaviour. But its definitely putting us under undue pressure.
  5. accounts57 February 20, 2016
    I have an accountant, yes. He advised me on applying for cash-basis but still waiting on Revenue to respond. Trying to ring my VAT section now (lunchtime for the lads)
  6. Peter Connor February 20, 2016
    Ok. Just answer this
    So currently you're invoice bases and you want to bring Bullet to invoice basis to file this tax return, I assume you do a VAT return every 6mts and this is your first?
  7. Peter Connor February 20, 2016
    You'll file this tax return (invoice based) then you'll apply to change to cash basis and we'll have to flick Bullet Back?
    I don't think we can go back and forth. I'll ask someone on the tech team.
    I'm thinking the easiest thing for you to do is file this VAT return manually (it's not that hard)
    Mark this VAT return as paid.
    When migrate your company to cash bases.
    And Bullet just stays the same, no need to migrate to inv and then back to cash.
    Does that make sense?
  8. accounts57 February 20, 2016
    Hey, I'm handling them manually to-date so no change there. I was hoping I had a switch available someplace to move to issue-basis. But I understand this is not the case and would require direct tech input.
  9. accounts57 February 20, 2016
    Understood. Thanks for your advice
  10. Peter Connor February 20, 2016
    Cool. You can just click on the vat return and mark as paid.
    Migrate your company.
    Continue using as is.
    Good to get off invoice bases.

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