Correcting tax codes on transactions

Summary

This guide shows you how to correct a tax code on a transaction posted in Sage 50 Accounts.

Description

In Sage 50 Accounts, for your transactions to appear correctly on your VAT Return, they need to be using the appropriate tax codes. There may be times when you need to make corrections to the tax codes.

Resolution

Print audit trail report to show current tax codes

To check what tax codes the transactions are currently using, print the Audit Trail (Summary) report:

  1. Click Transactions then click Reports.
  2. Click Audit trail then click the Audit Trail (Summary) report.
  3. Click Print then enter the require Transaction Date range.
  4. Click OK then, to print the report, click OK.

Correcting tax code on a transaction

Once you've identified the transactions that have the wrong tax codes, you can correct them.

NOTE: If a transaction is already VAT reconciled, allocated or it is a foreign transaction, you can't edit the tax code. To correct this when you can't edit a tax code, you must reverse the transaction and post it with the correct tax code.

  1. Click Transactions and identify the transaction.
  2. Click Edit then click Edit.
  3. Click the T/C drop-down and select the correct tax code.
  4. To recalculate the tax for the new tax code, click Yes.

    If required, you may also need to correct the Net and Tax values.

  5. Click Close then click Save and click Yes.

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Solution Properties

Solution ID
200427112510279
Last Modified Date
Wed Mar 23 14:27:18 UTC 2022
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