Running the VAT Cash Accounting Scheme

 

If you are running the VAT Cash Accounting scheme, you are liable only for VAT on your invoices less credit notes, either when you pay your suppliers, or when you receive payment from your customers. Sage Line 50 can automatically calculate your VAT Return for you based on the VAT Cash Accounting scheme. Simply indicate in your Company Preferences that you wish to operate VAT in this way.

If you are using the VAT Cash Accounting system, your opening balances must be entered as individual transactions, with the relevant VAT codes. You can do this via the Invoice and Credit Note options in the Customers and Suppliers options.

Related Topics

How your VAT Return is Calculated

To Change to VAT Cash Accounting

Producing your VAT Return

Analysing the VAT Totals

Printing the VAT Return Reports

Checking your VAT Return

Reconciling your VAT Transactions

Clearing your VAT Control Accounts

Submitting your VAT Return to the Tax Authorities

Your VAT Return Checklist

The Financials Window