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BenP
Level 1

Change From Standard VAT to Cash Accounting

We want to change from standard VAT accounting to cash accounting, but a warning comes up when we go to save the settings so we have not gone ahead yet. I wondered if the 'effective date for new scheme' field was relevant when making this change i.e. should we put the first date of the first quarter we want the new basis to apply in this field?

1 REPLY 1
Anonymous
Not applicable

Change From Standard VAT to Cash Accounting

Hi BenP,

 

Thank you for contacting our community.

 

Can i ask what error you were receiving?

 

When changing your VAT accounting scheme the effective date would be the start date of the first VAT quarter that you want to record as Cash basis. This is relevant as the the system will start calculating your VAT on Cash basis from this date.

 

Let me know if there is anything else i can help with. Smiley Happy

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