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Hi
im currently employed in a finance dept in a GP practice. I also do the bookkeeping for the pharmacy run within the same building but run as a separate business
my query is to do with the VAT return. I am not sure if what I am doing is correct
The pharmacy manager currently refuses to do daily til reconciliations. At the end of each month he prints off the till summary which breaks down his sales into cash and card transactions and it give the total vat on sales for that month.
Each month I take the VAT figure from the till receipt and I journal this from sales to sales tax control account so that it appears on the vat return. When doing the journal I post the vat amount I am journaling as T0. I don't know,how else to get this figure to appear on the return
is this correct way of dealing with this? I've never done a retail business before so not dealt with vat on sales from till. Most sales receipts come in from cardnet straight to the bank and then he banks cash once a week but takings are never reconciled with the till! I've been pressing for this to be done. Is there a standard system for this?
hoping someone can offer some advice
carol
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