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lynneatkinson17-
Level 1

How do I enter my daily sales when on the flat rate scheme please?

My accountant has picked up that my sales on my profit and loss are the gross figures but should be the net. How do I do this when using the Flat rate scheme?
8 REPLIES 8
emmam6
Moderator

How do I enter my daily sales when on the flat rate scheme please?

Hello Lynneatkinson17- Thanks for reaching out about sales not showing correctly on the p and l report.Are you entering the sales as sales receipts or invoices at the moment? Do you have any deductions on the transaction itself for example? Could you post a screen shot of an example of one of the transactions so we can take a look? Thanks

lynneatkinson17-
Level 1

How do I enter my daily sales when on the flat rate scheme please?

Hi

Entering as a sales receipt. Re photo example. The £100 is showing on the profit and loss and my accountant says it should be the net figure so I presume £87.50?

emmam6
Moderator

How do I enter my daily sales when on the flat rate scheme please?

Hello Lynneatkinson17- Looking at the screen shot the reason the report is showing that way is you have the amounts set to exclusive of tax. If you corrected that and changed it to inclusive and the amount to represent the inclusive amount. It would show the net figure on the p and l. If you want to try that and test it on the p and l and get back to us here if you have any questions. Also, we just want to advice that as long as you have FRS in the settings turned on which we can see that you do, then you would use the standard 20 percent code on the invoice, you will still see the estimated FRS amount below balance due and it will work correctly on the tax return as you have the FRS 12.5 selected in the tax settings itself. We hope that helps.

lynneatkinson17-
Level 1

How do I enter my daily sales when on the flat rate scheme please?

Hi

Re photo attached. This does not work either. I entered £100 and changed it to inclusive of VAT and changed it to 20% but it has now calculated the net amount wrong on the P & L and the VAT amount is wrong on the VAT 100.

lynneatkinson17-
Level 1

How do I enter my daily sales when on the flat rate scheme please?

copy of profit and loss

emmam6
Moderator

How do I enter my daily sales when on the flat rate scheme please?

Hello Lynne, looking at the p and l that is showing now the net figure if the invoice was £100. The FRS would only show on the VAT 100 in the amount to reclaim and it should show 12.5 on the basis of the invoice being 100. If that is not correct for you if you could give us a call on 08082345337 and one of our support team will set up a screen share with you to make sure we can communicate how this would be reporting and if it is still incorrect get that resolved for you. 

lynneatkinson17-
Level 1

How do I enter my daily sales when on the flat rate scheme please?

Hi

Changed to inclusive and selected the 20% VAT. Now been on the phone for over 90 minutes trying to resolve and got cut off!! Basically on the profit and loss it is showing the net amount but using the 20% deduction and not 12.5% as I am on the flat rate scheme.

emmam6
Moderator

How do I enter my daily sales when on the flat rate scheme please?

Hello Lynne, we're sorry to hear that you got cut off, we can reach out to the agent you dealt with and ask them to contact you back? 

 

Just to add regarding the FRS percent and how that works with the p and l report. The 12.5 percent will not show on the P and L now. It is correct to use the standard Vat code on the invoice for the customer. Once the period is filed you will see on the profit and loss report a new section that shows as savings by FRS account and that is when the difference will show. 

 

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