Accounting dates and VAT
Before you start entering transactions in Sage One, you should enter your accounting dates and VAT settings. This ensures that your VAT Return calculates correctly and your financial year is right.
- 1. Go to Settings then click Accounting Dates & VAT.
- 2. 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 using Sage One from.
Any opening balances must be dated before this date. For example, if you start using Sage One on 01 April, enter this as your Start Date. Opening Balances must then have a date of 31 March or earlier. Once you start processing in Sage One any other transactions you enter must have a date on or after 01 April.
|VAT Scheme||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 Change your VAT scheme article.
|Submission Frequency||Click how often you submit your VAT Return to HMRC.|
|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.|
- 3. Click Save.