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Correct transactions included on a VAT return

Created on  | Last modified on 

Summary

How to correct transactions on a VAT return in Sage Accounting.

Description

To correct an error on your VAT return, you'll need to reverse the transaction. You'll then re-enter it with the updated details.

For transactions included on draft VAT returns, delete the draft. Once you've done this you can amend or delete the transaction.

Resolution

How this works

Once you include a transaction on a VAT return, you cannot delete or edit it.

Having an incorrect transaction can mean that:

  • Your bank account balance is incorrect
  • The balance of your customer or supplier account is incorrect
  • Your VAT return has incorrect figures, and you may overpay or underpay VAT

To make the necessary adjustments, you must

  1. Create a reverse or opposite transaction. This cancels out the value of the incorrect transaction.
  2. Re-enter the transaction with the correct details, if required.

 NOTE: Any corrections that you make will appear when you create your next VAT return.  


Which transaction to use

  • Reverse an other payment with a refund
  • Reverse an other receipt with a refund
  • Reverse a supplier payment with a supplier refund
  • Reverse a customer receipt with a customer refund
  • Reverse a refund with a payment on account
  • Reverse a bank transfer with another opposite bank transfer

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