As a relative newbie to accounting, I’m at a loss to understand how I should handle entering the details of the VAT payment recently made to complete our first MTD transaction - up until now we’ve not had any VAT to either reclaim or pay so would be grateful if someone could explain what type of entries I need to make to properly account for this payment. Thanks in advance
Hello @davidmonks
You would record the Monty Out transaction on your bank (Or Money In if reclaiming).
(This payment may already be showing if you use a bank feed or import bank statements)
Tag it as shown below
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