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Credit from VAT - how to post/tag

#1

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

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#2

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?

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#3

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.

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#4

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.

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#5

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

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#6

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:
https://www.quickfile.co.uk/home/startup

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:

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#7

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.

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#8

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.

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closed #9

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