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,

  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,

    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