Hi David

I will find out and let you know.

Regards

Paul

Thanks Paul. Currently we keep a spreadsheet which is our "digital record" and we submit the resultant VAT Return using bridging software, so I am comfortable with our current position with HMRC.


In order for Hansa Standard Accounts to be MTD compliant for us, we need to add extra VAT codes to our current configuration and we need to re-write the VAT report. Both of these can be done in the existing version but there seems little point in making changes if a new version is imminent.

However, we have a third problem and at the moment I cannot see a way around it in the current version of Hansa Standard Accounts. This problem is that, after a VAT return has been submitted further transactions can be entered with a transaction date that falls within that VAT period's dates. Those transactions are (obviously) not picked up in the submitted VAT Return but also they are not picked up in future VAT Returns.


As far as I can see there is no obvious way of identifying these transactions in Standard Accounts and including them in a future VAT Return. There are ways of doing this. In some systems once a VAT Return has been submitted all of the transactions included are flagged as included in a VAT Return. There is then the option to include unflagged transactions in the next VAT Return



Can you let me know how the new version able to address this problem?


Regards

David

Hi David

Apologies, I hadn't seen your reply. If you set up the VAT codes and VAT report in your current version, these will be kept when you upgrade to the new version, so it might be worth doing anyway.

Regarding transactions in a prior VAT period, I'm aware of how other systems work and I actually wrote a similar feature for some of my Standard ERP customers. This issue most commonly occurs in the purchase ledger, since some suppliers are quite slow at sending invoices. The latest versions of Standard ERP, and maybe Standard Accounts too, have a way to cope with this by introducing a new field on the purchase invoice, called VAT Date. When you get an invoice dated in a prior period, the invoice date can be set in that prior period but the VAT date needs to be set in the current period.

To use this feature, you have to go to Purchase Ledger > Settings > Account Usage P/L, and set up three accounts:
- VAT Out of period
- VAT Base (this holds the net sum and should be added to the Purchase lines in the VAT report definition)

- VAT Opposite (this is a balancing account for the VAT Base)

For other types of transaction, you should use number series or locking to prevent records being entered with dates in the previous VAT period.

Forgive me if these options are not available in Standard Accounts. I'm only familiar with Standard ERP and have no way to check Standard Accounts.

Hi Paul …. did you pick up my reply and further questions.


Regards


David