Joe
Thanks - I'd be happy to link up with him and provide what assistance I can.
Arion
1 02/24/2010 03:21:11 pm
Re: Cash Accounting for UK VAT (27 replies, posted in Banking and General Ledger)
2 02/24/2010 02:02:10 pm
Re: Cash Accounting for UK VAT (27 replies, posted in Banking and General Ledger)
Joe
Thanks.
No problem with the reporting period - I'm sure that will work OK.
I've looked at the script for rep709.php, and it's way beyond my very limited programming knowledge to modify, and I guess it also needs a knowledge of the sql database structure, data definitions, etc.
Ideally for UK use, the need is for a module which will generate the standard VAT 100 quarterly report produced by all UK companies in the VAT system, covering both the accrual or cash options.
The proprietary software packages on the UK market provide this as standard, but I can't find any open source package that does.
Worth pursuing, as I think in all other respects FA is an excellent system.
If anyone has the time and expertise to look at this it would be much appreciated.
Arion
3 02/22/2010 02:48:27 pm
Topic: Cash Accounting for UK VAT (27 replies, posted in Banking and General Ledger)
The UK VAT system allows small companies to use a Cash Accounting system instead of the standard accrual system.
Using the standard VAT accrual accounting system:
* VAT is payable on any invoices issued, even if payment has not been from received from the customer
* VAT is reclaimed on any invoices received for purchases, even if the supplier has not yet been paid.
Using the Cash Accounting Scheme:
* VAT is only paid on sales when the customers pays
* VAT is reclaimed on purchases only when the supplier is paid.
In both cases, a rolling three month reporting period is normal.
The Tax Inquiry under the Banking & General Ledger section seems to produce a usable VAT report for the accrual system, but can it be changed (if necessary by a PHP script change) to generate a Cash Accounting report and, if so, how please?
As an alternative, is some form of custom report possible, with an appropriate ledger structure ?
Thanks