Sage Line 50 tutorial is designed for book-keeping software, in this blog we will teach you how to use this software. In sage line 50 blog you will learn about how to install and operate Sage Line 50 and how to install on network.

Reconciling Your VAT Return

After you have calculated your Sage Line 50 VAT Return and checked that it is correct, you are ready to reconcile your transactions for VAT. Reconciling your transactions for VAT sets a ‘flag’ against each transaction on the VAT Return. This flag indicates that the transaction has been included on a VAT Return and so is excluded by default from subsequent VAT Returns.

In your audit trail, the VAT column shows whether or not a transaction is reconciled. The letter R signifies that a transaction is reconciled; N signifies that the transaction is unreconciled; and a hyphen (dash) means that it is a non-VAT transaction (default tax code T9) or that its VAT code is one you have indicated is not to be included in calculating the VAT Return.

Before reconciling your VAT transactions, you should back up your data files because once you
have reconciled your transactions they cannot be unreconciled.

To reconcile your VAT transactions

  • After running the Calculate option from the VAT Return window on the VAT Return window,click Reconcile. A confirmation window appears.
  • To reconcile your transactions, click Yes.When you select the reconcile option, Sage Line 50 flags the VAT transactions it used tocalculate the latest VAT Return with an ‘R’.
Note: When you select the Reconcile option in the future, the VAT Return will not pick up any flagged transactions, unless the ‘Include Reconciled’ check box is selected on the VAT Return window.

5 comments:

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