Re: FN-FORUM OT -VAT question - You choose Dates

date posted 28th January 2002 11:14

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Basically its up to you whether you work on Paid or Invoiced date

I work on Paid because I can use my bank statements to cross reference,
however if you have a lot of invoices running through an accounts package you
best use the entry dates therein.

Remember if someone delays payment and you are working on invoice date, you
owe the VAT even though you have not received it yet!

Whatever you do its best not to change methods 'cos you'll then really get
confused!

Mike Churchill

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Basically its up to you whether you work on Paid or Invoiced date

I work on Paid because I can use my bank statements to cross reference, however if you have a lot of invoices running through an accounts package you best use the entry dates therein.

Remember if someone delays payment and you are working on invoice date, you owe the VAT even though you have not received it yet!

Whatever you do its best not to change methods 'cos you'll then really get confused!

Mike Churchill

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