Reconciling old VAT3 payments with bank account?

I’ve been working on moving my accounting information over to a new BulletHQ account as I never properly reconciled my data against my bank account.
The only remaining issue is to reconcile VAT3 payments. The problem I have is that when I generate the VAT3 reports in my new account, the values are different to what I actually submitted to Revenue (in some cases significantly).
My plan is to continue generate the VAT3 returns and then when I’m reconciling them with the different bank account transaction for that period, to use the “auto-adjust” button.
Is this the way to go?

1 answer

Mariana Yarosh Staff October 17, 2018

So, if you’re accounts are in a bit of a mess creating a new account and importing your bank data is the smartest and ultimately the quickest thing to do. It’s actually how we do our accounts. We just import the bank feed and let the reconciliation create all the bills/invoices etc. But keep your old account going as a reference. Make sure all Tax frequency is set up right.
With VAT if you’ve created the VAT returns manually wrong you’ll need to submit manual adjustments (we don’t create them in Bullet). So I’d import all my data and get it all set up right. Then get your accountant to submit the adjustments. They can make a Manual Journal Entry to add it to Bullet.


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