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Entering Debtor Balances when operating a Cash Accounting VAT system
I want to add previous year debtor information (pre freeagent) and operate a cash accounting vat system. What is the correct way to add the information to ensure when payment for each invoice is made the vat element is accounted for correctly?
I’m undecided
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Inappropriate?Emma,
When accounting for Initial Debtor Receipts, FreeAgent uses the 'Initial VAT Accounting Basis' and 'Initially on Flat Rate Scheme' settings from the Settings > UK VAT Registration Details screen.
(even if you change the details of each real VAT return afterwards)
You can alter these even after VAT is setup if you need to change the handling - unless you have locked VAT periods in which case you'll need to unlock them first.
Hope that makes sense - we'll update the form and the help drawer to make sure that information is available.
Do let me know how you get on, especially if you think it's still not quite right.
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