How do I enter my VAT payment?

Summary

This article explains how to post your VAT payment or refund.

More Information

Go to " Nominal Ledger Journal Entries".

• At "Entry mode", choose 'Cashbook'.
• At "Money in/out", decide first whether you are paying money over to HMRC or you have received a refund.
  • If you have paid HMRC, choose 'Out'.
  • If you have had a refund from HMRC, choose 'In'.

• On the highlighted line, enter the Bank Account nominal code, e.g. 'Z992'.
• On the next line:
  • Enter 'Z999 - Vat Outstanding' to post the other side of the entry.
  • Enter the date you are making the Vat Payment.
  • Enter the value of the transaction from Box 5 on your VAT 100 report.
  • Enter a comment, e.g. 'VAT Payment QTR 2'.

The centres on the other lines will NEVER be the same nominal centre code as at the top of the screen! If they are, you will get a circular posting that does nothing.

See also

• Posting Cashbook entries
• The banking journal

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Keywords AND Misspellings

journal, journals, vat, v.a.t., end, quarter, qtr, cashbook, payment, pay, paying