▶ What to do if your VAT recoverable amounts don't match

What to do if your VAT recoverable amounts don't match

The Balance sheet VAT recoverable figure will be the same as the balance carried forward figure on VAT Summary report. If your VAT recoverable amount at Year End does not match the amount to be reclaimed/paid, their are a few checks you should run through.

Firstly, have you selected Calculate? This is imperative for those working in Income & Expenditure, to ensure Scribe uses the latest figures at Year End. If the figures still don't match, go through the checks below step-by-step.

1. Verify the starting figure: Confirm that the opening figure on the VAT Summary report matches the figure from the balance sheet from the previous year. It should have been brought forward correctly and not changed.
2. Review VAT refunds (or payments): Check your VAT receipts (and/or payments) to HMRC entered and ensure they have been allocated to the VAT type R:Refund.
3. Check the VAT List: If the above are correct, check the VAT lists for all VAT up to 31st March (from the date of the previous claim). This is to see why the calculated list differs from the submitted claim for the end of the year.
4. Review the source of the claim figure: If you have recently made a VAT claim, verify where the claim figure came from if it didn't come from the Scribe VAT Form 126.
5. Check for transaction errors: The accounts records show the amount that remains recoverable unless a transaction error can be found. For example, a wrong VAT type recorded on a transaction would affect the total VAT due but not affect the bank reconciliation because the total would still be correct.