User manual SAGE INSTANT ACCOUNTS GUIDE

[. . . ] Sage Instant Accounts Guide v16 This document is the Sage Instant Accounts Guide. The guide is divided into a number of chapters, which fall into logical groups. The first two chapters are concerned with installation and helping you get started using the software. If you are new to the software you will need to carry out the tasks described in these chapters in order to provide the software with the information it needs to satisfy the accounting needs of your organisation. [. . . ] To view a HMRC receipt, the selected VAT Return or Sales List must have a status of submitted or partial. The HMRC receipt is then displayed as a PDF file. Where the submission is unsuccessful, the HMRC receipt provides a tabulated listing of the error code assigned to the submission failure, the location of the error step in the VAT XML declaration a brief description of the error and the stored location of the HMRC Receipt file. To make a VAT payment Making an offline VAT payment to HMRC 1. Highlight the VAT Return to be paid from the VAT window list and click View. The Value Added Tax Return window is displayed, with the full VAT breakdown for the period. Copy the figures from your VAT Return report to your actual VAT Return form. If the net VAT value in box 5 of your VAT Return is positive, and there is no `minus' sign before the value, you owe this amount, and you should make a payment for this value. If the value in box 5 of your VAT Return is negative and there is a `minus' sign before the value, you have a reclaim amount for your VAT and are owed this amount. 251 Sage Instant Accounts Guide 5. If you have to make a payment, select the specific VAT Return in the VAT window list and click the Payment button on the VAT window toolbar. 6. In the Bank Payments window that appears, many boxes are pre-populated with the specific VAT Return information and the amount to pay. Send the completed VAT Return form, together with your payment, to the tax authorities. You should now record your payment from your software's bank account. If you need to reclaim VAT, send the completed VAT Return form to the relevant tax authorities. When you receive this money, you will need to record it into the appropriate bank account within the Bank module. Tip: When you receive this payment, you can post a Bank Receipt with a non-vatable tax code, T9 by default, into your VAT Liability Account. 7. Entering an online VAT payment to HMRC with e-Banking enabled 1. In the VAT Tab of the Settings > Company Preferences window, ensure that the Enable e-VAT Submission check box is selected. In addition, ensure that you have set up your electronic banking facility correctly. To set your HMRC Payment window settings for the various categories, press F1 on your keyboard to open the relevant Help page. Click Save once you are satisfied that all box entries are correct and complete. Sage Instant Accounts posts a bank payment with a T9 tax code to Financials. 7. 252 Company Tasks Making a VAT payment to HMRC using e-Banking 1. From the Bank Accounts window, select the bank account you are using to pay HMRC, and then click e-Payments. The Send Payment window appears, displaying all outstanding supplier and HMRC payments for the selected bank account. The Payment Confirmation From information box appears, displaying the number and value of payments to be made. The information is transferred from Sage Instant Accounts to a file, ready for your bank software to use. 3. Sage e-Banking / UK Payment Account setting within the HMRC Payments Window When you complete Step 4 above, the VAT window is updated and the VAT Return Paid box is shown as Y instead of N. Sage e-Banking / Payment from NON-UK A/C setting within the HMRC Payments Window Even if e-Banking has been enabled, you will not be able to post these HMRC transactions using e-Banking. [. . . ] If you also accept payment in Pound Sterling (or any other currency), follow these instructions. From the Sage Instant Accounts menu bar, select Settings > Currencies. Select Pound Sterling and enter the exchange rate for Pound Sterling into euro. You have now fixed the exchange rate between euro and Pound Sterling. 473 Sage Instant Accounts User Guide A UK business accepting payment in South African Rand and US Dollars 1. [. . . ]