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It's been a long day!!!!
I really hope someone can help me as I think my brain is about to implode.
I have a new client who has only just given me his annual accounts for the year ended 31/3/11 and I now need to get the opening balances into Quickbooks as we both decided that although he is a small business, accounting software is the way to go rather than excel.
The annual accounts say that his VAT liability at the end of the year was £1038. I've always worked with VAT on an invoice date basis rather than an invoice paid date basis so this is why my head hurts. He pays VAT on a cash accounting basis. His final VAT return for 10/11 was £412.77. So what is making up the difference and how on earth am I going to get the correct details in Quickbooks?
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