Difference between revisions of "How do I record VAT payments to HMRC?"
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== Summary == | == Summary == | ||
This article explains how to record VAT payments or refunds following your VAT submission. | This article explains how to record VAT payments or refunds following your VAT submission. | ||
== More Information == | == More Information == | ||
| − | Go to {{Menu|{{NL}}|Journal Entries}} | + | Go to {{Menu|{{NL}}|Journal Entries}}. |
* Select {{DataPrompt|Entry mode}} - {{DataValue|[[Posting cashbook entries|Cashbook Entry]]}} | * Select {{DataPrompt|Entry mode}} - {{DataValue|[[Posting cashbook entries|Cashbook Entry]]}} | ||
* Select {{DataPrompt|Money in/out}} - {{DataValue|Out}} if the payment is to HMRC or {{DataValue|In}} if you are receiving a refund. | * Select {{DataPrompt|Money in/out}} - {{DataValue|Out}} if the payment is to HMRC or {{DataValue|In}} if you are receiving a refund. | ||
| − | * Enter the | + | * Enter the Nominal {{DataPrompt|Centre}} for the bank from or into which the money is being paid, e.g. {{DataValue|Z992}} - Current Bank Account. |
| − | * On the second line of the journal enter {{DataValue|Z999}} - this is the VAT Control nominal centre for your VAT in Platinum accounts. | + | * On the second line of the journal, enter {{DataValue|Z999}} - this is the VAT Control nominal centre for your VAT in Platinum accounts. |
{{Warning|text=Do not select {{DataValue|Z989}} if you choose to search for the centre to use. This centre is only used by Cash Accounting systems to hold the VAT for transactions yet to be paid. In all systems {{DataValue|Z999}} is the VAT Control nominal centre.}} | {{Warning|text=Do not select {{DataValue|Z989}} if you choose to search for the centre to use. This centre is only used by Cash Accounting systems to hold the VAT for transactions yet to be paid. In all systems {{DataValue|Z999}} is the VAT Control nominal centre.}} | ||
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* Enter the {{DataPrompt|Date}} the money will leave or be paid into your bank account. | * Enter the {{DataPrompt|Date}} the money will leave or be paid into your bank account. | ||
* Enter the amount of the VAT payment/refund. Your cursor will be on the relevant column based on your choice of {{DataPrompt|Money in/out}}. | * Enter the amount of the VAT payment/refund. Your cursor will be on the relevant column based on your choice of {{DataPrompt|Money in/out}}. | ||
| − | * Enter a suitable {{DataPrompt|Comment}} e.g. VAT Q1 2020 | + | * Enter a suitable {{DataPrompt|Comment}}, e.g. {{DataValue|VAT Q1 2020}}. |
* Click {{Button|Done}} and {{Button|Accept}}. | * Click {{Button|Done}} and {{Button|Accept}}. | ||
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* [[Posting cashbook entries]] | * [[Posting cashbook entries]] | ||
* [[How do I run the VAT 100 report?]] | * [[How do I run the VAT 100 report?]] | ||
| + | * [[How do I Post a Fuel Scale Charge?]] | ||
| + | * [[How do I post a journal with VAT?]] | ||
{{KB_Tags|journals, cashbook, vat, vat payment, hmrc, vat refund, vat rebate, bank payment}} | {{KB_Tags|journals, cashbook, vat, vat payment, hmrc, vat refund, vat rebate, bank payment}} | ||
Latest revision as of 07:45, 3 August 2022
Summary
This article explains how to record VAT payments or refunds following your VAT submission.
More Information
Go to " Nominal Ledger Journal Entries".
- Select "Entry mode" - 'Cashbook Entry'
- Select "Money in/out" - 'Out' if the payment is to HMRC or 'In' if you are receiving a refund.
- Enter the Nominal "Centre" for the bank from or into which the money is being paid, e.g. 'Z992' - Current Bank Account.
- On the second line of the journal, enter 'Z999' - this is the VAT Control nominal centre for your VAT in Platinum accounts.
 | Do not select 'Z989' if you choose to search for the centre to use. This centre is only used by Cash Accounting systems to hold the VAT for transactions yet to be paid. In all systems 'Z999' is the VAT Control nominal centre. |
- Enter the "Date" the money will leave or be paid into your bank account.
- Enter the amount of the VAT payment/refund. Your cursor will be on the relevant column based on your choice of "Money in/out".
- Enter a suitable "Comment", e.g. 'VAT Q1 2020'.
- Click [Done] and [Accept].
See also
- Posting journals
- Posting cashbook entries
- How do I run the VAT 100 report?
- How do I Post a Fuel Scale Charge?
- How do I post a journal with VAT?
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