Making a £10 correction

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1

As QF doesn’t allow split transactions, when buying vehicle fuel I delete the transaction from my bank statement and then add in two transactions. One is marked as vehicle fuel the other to personal drawings.

I’ve noticed my QF statement and my bank don’t agree due to an error of £10. Vehicle fuel should have been £50, I entered £60.

How to correct? I could correct the entry but the VAT period has ended and the return completed. Maybe I could wait until the next fuel purchase and reduce the amount by £10 then we’re all square. Or is there a way of doing this ‘properly’ to make the QF and bank statements agree?

Thanks

2

Hello @glasgow

So just to clarify?, was the purchase invoice incorrect? (£60 rather than £50)?

If so

  • Open the invoice > More Options > Credit note
  • Edit it to £10 (which is what is being credited) > Save
  • Select Refund, the account and method > Save

You will see a £10 entry on the bank and your next vat return will include the refund to correct what has been reported to HMRC

1 Like
3

Perfect, thank you. Both my QF and bank account balances agree again.

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