VAT is showing as a liabilty in my balance sheet – is that correct ?

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VAT is showing as a liabilty – Free Online Small Business Accounting Software Questions & Answers

Happy new year lads,

I am updating my accounts in Bullethq and I am running a balance sheet as at 30th June 2015. One of the lines in my liabilities is VAT which appears to be showing all the Vatable transactions upto 30th June 2015. Is that correct – all VAT returns upto that date are marked as paid.
Thanks
Richie

  1. john_bullet January 2, 2016
    Hi Richie,

    Have you added any manual journal entries that have a vatable element to them?

    John.
  2. richiebowden January 3, 2016
    No the listed items under the title VAT in the Balance sheet are items entered via Money In/Invoices or Money Out features.

    Cheers
  3. john_bullet January 4, 2016
    Is it possible that you entered bills or invoices after you had already marked the relevant VAT period as paid? This would cause additional liability which would not be covered by the earlier marking of the VAT period as paid (as it only calculated the amount owed when marking the period as paid)
  4. richiebowden January 4, 2016
    Hi John,

    Yes that did happen as I was catching up on some invoices etc. Is there a work-around for that ?

    Thanks

    Richie
  5. richiebowden January 4, 2016
    John,

    If I mark the VAT return as unpaid - can I 're-run' the VAT return calculation to take in the new transactions ?

    Richie
  6. Peter Connor January 4, 2016
    Hi Richie,

    If you hadn't submitted the vat return you can. If the VAT return has been submitted you'll need to get your accountant to create an amendment and manually update Bullet for you.

    Pete
  7. richiebowden January 4, 2016
    Thanks Peter.

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