Before you start entering transactions you should enter your accounting dates and VAT settings. This ensures that your VAT Return calculates correctly and your financial year is right.
- Go to Settings then click Accounting Dates & VAT.
- Check or enter the following information:
|Year End Date||Enter the last day of your financial year. For example, if your financial year runs from January to December, enter 31 December.|
|Year End Lockdown||If you don’t want anyone to enter transactions on or before a certain date, enter the date here. For example, the last day of your previous financial year.|
|Accounts Start Date||Enter the date you want to start from.
Any opening balances must be dated before this date. For example, if you start using Sage on 1 April, enter this as your Start Date. Opening Balances must then have a date of 31 March or earlier. Once you start processing any other transactions you enter must have a date on or after 1 April.
If you haven’t already entered your VAT scheme, click the relevant option.
If your company isn’t VAT registered, choose Not Registered. If you need to change your VAT scheme, see our
|Submission Frequency||Click how often you submit your VAT Return to
|VAT Number||Enter your registered VAT number.|
|Flat Rate (%)||If you use a flat rate VAT scheme, enter the appropriate percentage here.|
|HMRC User ID||Enter the user ID given to you when you registered with HMRC to submit your forms online. If you haven’t already registered, please visit www.hmrc.gov.uk/online and register your details.|
|VAT rules for sales to EU consumers||Choose whether to apply destination VAT rules to EU consumers.|
- Click Save.