Credit from VAT - how to post/tag

I’m just starting out with QF and one of my first entries will be about a week into my first month. It will be a credit from HMRC for return of VAT from the previous period. How on earth do I handle the credit within QF.
Regards Paul

Hi @Paul_Barton

If it’s a VAT refund, you can simply tag the transaction as a refund from HMRC by clicking Tag Me! and selecting Refund from HMRC.

Did you submit a return prior to this through QuickFile, or was it done elsewhere?

The return will not be submitted through quickfile. My end of year is 31 march 2018 so it makes sense to start afresh from the new year start 1 April.

No problem. Are you using another accounting platform before starting with QuickFile?

The reason I ask is due to the opening balance. Tagging the payment without a return behind it will make the balance sheet a bit off. If however you’re coming from another platform and you can import an opening balance, it should balance out all OK.

1 Like

I’m not using a software system at present. Very steep learning curve. My dilemma is that I’ll start the new QF system 1 April (year start and VAT period start). I was planning to simply put in the opening bank balances on that day into the system bu then thinking it through realised I’ll have a credit from VAT and at least 3 payments from customers that may come in after the start of the new system starts. I’m not sure how to account for them all.
As a start I’ve created the 3 customer accounts with opening balances in advance of the start day.
I’ve so much to learn

Do you have a balance sheet at hand at all? Perhaps one that your accountant has prepared to accompany a tax return? This could work as an opening balance journal. The client credits aren’t an issue either, you would just need a prepayment for the client that pre-dates your start date.

You may find this quick “Getting Started Questionnaire” helpful to steer you in the right direction to begin with:

We’re here to help you get started - simply throw your questions at the community and either us or another member will respond :slight_smile:

1 Like

Thank you for your help. I’ve looked at several different accounting systems over the years but all seemed too complicated for me. I love the interactivity of the forum and it suits how I work.
My next question is should i simply upload my bank balances now or wait until 1 April when the new accounting year starts? I’ll do my last manual VAT return for period ending 31 March.

If you’re starting from scratch on 1st April, I would enter a bank opening balance as of1st April and enter any transactions from that date onwards.

You may need to make a few adjustments as you go, but if you need any help on the way, post a few details and someone on the forums will try to advise on the best way forward.

1 Like

This topic was automatically closed after 7 days. New replies are no longer allowed.