Results 1 to 4 of 4

Thread: VAT CONTROL ACCOUNT CORRECTION

  1. #1
    New Member
    Join Date
    Jul 2017
    Location
    Johannesburg
    Posts
    3
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Post VAT CONTROL ACCOUNT CORRECTION

    HI MY NAME IS ISABEL , HOW TO CORRECT DEPOSIT THAT WAS MADE IN CASH BOOK INCLUDING VAT , SHOULD BE EXCL ( INVESMENT ACCOUNT)

  2. #2
    Diamond Member Mike C's Avatar
    Join Date
    Apr 2012
    Location
    Umkomaas
    Posts
    2,709
    Thanks
    231
    Thanked 355 Times in 311 Posts
    Hi issie - welcome to the forum.

    I presume that you have updated the cash book already? If so then do the following.

    First make a backup so that if your correction does not work out as you expected you can restore and try again.

    Now re-enter the deposit in EXACTLY the same way as you did the first time ... same date etc including VAT ... BUT make your entry a minus figure. This will reverse your erroneous entry.

    Now do the entry correctly exclusive of VAT.

    Update your cash book and check your journals.
    People will forget what you said, people will forget what you did, but people will never forget how you made them feel. - Maya Angelou

  3. #3
    New Member
    Join Date
    Jul 2017
    Location
    Johannesburg
    Posts
    3
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Quote Originally Posted by Mike C View Post
    Hi issie - welcome to the forum.

    I presume that you have updated the cash book already? If so then do the following.

    First make a backup so that if your correction does not work out as you expected you can restore and try again.

    Now re-enter the deposit in EXACTLY the same way as you did the first time ... same date etc including VAT ... BUT make your entry a minus figure. This will reverse your erroneous entry.

    Now do the entry correctly exclusive of VAT.

    Update your cash book and check your journals.
    THANK YOU IT WORKED

  4. #4
    New Member
    Join Date
    Jul 2017
    Location
    Johannesburg
    Posts
    3
    Thanks
    0
    Thanked 0 Times in 0 Posts
    HI THE COMPANY I WORK FOR SOLD A BAKKIE DO I INVOICE IT INCLUDING VAT ( LIKE A NORMAL INVOICE ( SALES OR DIFF) PLEASE HELP

    THANKS

Similar Threads

  1. [Question] Taxation Control Account
    By JPWilliams007 in forum Tax Forum
    Replies: 2
    Last Post: 17-Feb-17, 09:53 AM
  2. [Question] VAT Control Account
    By Debbie Mitchell in forum Accounting Forum
    Replies: 5
    Last Post: 22-Jul-16, 07:49 AM
  3. [Question] Customs VAT and Tax Control Account
    By SnyLeigh in forum Accounting Forum
    Replies: 3
    Last Post: 21-May-16, 06:44 AM
  4. Vat Control Account
    By seymoursmith in forum Accounting Forum
    Replies: 0
    Last Post: 19-Jun-15, 12:00 PM
  5. Replies: 3
    Last Post: 28-Nov-12, 04:06 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •