Clearing your VAT Control Accounts

After you have reconciled your Sage Line 50 VAT Return, we recommend you transfer the values from your VAT on Sales and VAT on Purchases Control accounts for this VAT period to your VAT Liability nominal account.

This means that the transactions in these control accounts are always unreconciled for VAT and current. So, if you have to check these accounts to find a mistake, you only have to check through one monthÆs transactions.

The value you transfer to the VAT Liability account is cleared when your VAT is paid or reclaimed.

Clear your VAT Control Account by using the VAT Transfer Wizard after fully reconciling and printing your VAT Return.

Related Topics

How your VAT Return is Calculated

Running the VAT Cash Accounting Scheme

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 using the Standard VAT Scheme

Clearing your VAT Control Accounts using VAT Cash Accounting

Submitting your VAT Return to the Tax Authorities

Your VAT Return Checklist

The Financials Window