Hi - I am entering journals but cannot see anywhere to cope with the VAT element. Can you help me with this please
You need to journal directly to the VAT control or liability accounts:
To adjust output VAT: Journal to (2200) Sales Tax Control Account;
To adjust input VAT: Journal to (2201) Purchase Tax Control Account;
To adjust the VAT Liability directly: Journal to (2202) VAT Liability.
If an adjustment is required to the VAT return for the previous quarter and you want to adjust the next quarters VAT return, you can do that directly on the return and then enter the relevant VAT adjustment journals:
Oh ok thank you i will try that.
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