How do I record VAT payments to HMRC?
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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 the money is being paid out of or into 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
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