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lm-lmbabookkeepi
Oct 7, 2021 9:41 AM UTC
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I have a non vat registered charity that has entered vat on their transactions. What is the quickest way to correct this? I have a lot of transactions going back to 2019

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GeorgiaCAnswer
Oct 7, 2021 2:37 PM UTC

Thanks for getting back to me lm-lmbabookkeepi, if the gross amount of the transactions remains the same, you can easily re-reconcile these by going to the Cog > Reconcile and enter the same end date and end balance as the last completed reconciliation, this will then show all edited transactions that you can batch tick on the following screen and the difference should show as zero. 🙂

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4 replies

GeorgiaC
Oct 7, 2021 10:53 AM UTC

Hi lm-lmbabookkeepi, thanks for joining us here on the Community 🙂

 

The only way to correct this unfortunately would be to edit each transaction to change this to show as 'Amounts are' > 'No VAT' on the drop-down, if no filings have been made you can go to Taxes > Prepare return > Click into the amount to see a list of transactions with a VAT code applied and amend from there. 

lm-lmbabookkeepiAuthor
Oct 7, 2021 11:49 AM UTC

Thank you for the quick reponse, I thought that might be the case. My next question is the bank has been reconciled including some of these transactions. Obviously when i try to change the vat it comes up with a warning. Will i have to do the bank reconciliations again after i have removed the vat?  

GeorgiaCAnswer
Oct 7, 2021 2:37 PM UTC

Thanks for getting back to me lm-lmbabookkeepi, if the gross amount of the transactions remains the same, you can easily re-reconcile these by going to the Cog > Reconcile and enter the same end date and end balance as the last completed reconciliation, this will then show all edited transactions that you can batch tick on the following screen and the difference should show as zero. 🙂

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