Practical Bookkeeping & VAT

Course Description

The primary focus of this course is to furnish you with detailed practical knowledge and skills

required for the submission of VAT Returns to HMRC. This Bookkeeping course will provide you withall necessary practical bookkeeping skills required to prepare VAT returns in compliance with VAT and MTD regulations set by HMRC.

Expert Bookkeepers will always ensure their ledgers are up to date and fully reconciled to eliminate any discrepancies. If your bookkeeping is not of great quality you will not be able to prepare accurate VAT returns hence this will lead to VAT enquiries with HMRC and incorrect position of Debtors and Creditors Ledger which will lead to an incomplete Trial Balance.

Double entry bookkeeping knowledge is essential to carry out bookkeeping tasks. However if you do not have a great deal of bookkeeping exposure we will help you furnish this as well. With ATS Training you will be able to combine the two with client paperwork and the software modules which will help you bridge the gap between what you know about the software and how to process VAT related transactions step by step into the bookkeeping software. This will provide you with good detailed insight and experience focusing on how to use the different modules of the bookkeeping software.

Many businesses and accounting practices use different bookkeeping software's such as Sage 50,Quick Books, Xero and VT Transactions for record keeping.

• Sage 50 Accounts Software 2019
• Interview Tips
• Email Support
• Further practice material
• Reference for Job Role is available upon request

Content

• The course will cover the following:
• Introduction to the VAT Scheme and implications of VAT reporting to HMRC.
• How to register and deregister a business for VAT with HMRC?
• Understanding the rules set by HMRC for VAT Compliance.
• Understanding the implications of (Standard Accounting Scheme) and (Cash Accounting
• Scheme) for different business sectors.
• Setting up and configuring a company by using the relevant bookkeeping software
• Setting up of Customer Accounts using the customer module. (Detailed)
• Raising and posting batch Sales Invoices to obtain VAT Output figure
• Setting up of Supplier Accounts using the supplier module. (Detailed)
• Processing and posting all batch Purchases/Expenses Invoices to obtain VAT Input Figure
• Allocating different tax codes to all invoices for example standard, zero and reduced rated
• transactions
• Processing Bank Payments and Receipts for VAT using the banking module
• Processing Supplier Payments and Customer Receipts to reconcile Age debtors and creditors ledger
• Reconciling all bank accounts to ensure no transactions have been omitted or
• un- reconciled
• Extracting Aged Debtors Reports to analyse Customer Invoices outstanding
• Extracting Aged Creditors Reports to analyse Supplier Invoices outstanding
• Conducting Aged Debtors analysis to ensure the elimination of any credit balances
• Conducting Aged Creditors analysis to ensure the elimination of any debit balances Extracting the bookkeeping Trial Balance at the quarter end
• Reconciling Aged Debtors with the Trial Balance at quarter end
• Reconciling Aged Creditors with the Trial Balance at quarter end
• Reconciling all bank account balances with the Trial Balance at quarter end
• Extracting VAT summary report to check for duplications and tax code allocations
• Extracting and reconciling detailed VAT Return reports (Quarterly/Monthly/Yearly)
• Cross check Box 1 to 9 Figures on the VAT Return with the detailed VAT Report
• Calculating the VAT Liability for the quarter end
• Reconciling the VAT return
• Processing and posting VAT Journals
• Register with HMRC for (MTD) using the HMRC gateway
• Submit VAT Return to HMRC in compliance with Making Tax Digital (MTD)
• Allocating VAT liability/repayment to quarter end to ensure the VAT Liability nominal is reconciled

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