Manual adjustment on next VAT return

Accounting
1

Hi

I have identified 19 separate purchases which should have had input VAT claimed back on my first VAT return. I intend to put in a manual adjustment to correct this on my next VAT return (as advised by my accountant).

I understand that Quickfile will put a total figure in manual adjustments (2204 directly from the completed VAT return. I will then need to raise journal(s) to balance this. Looking at the purchases, they don’t all sit in the same ledger. A mixture between fixed asset, general purchases and IT supplies. Would it be best practice for me to work out the “actual” amount per ledger and raise separate journals for each one? Just want to keep things accurate.

Thanks

2

You don’t need to make a load of separate journals, it can be one journal with the total adjustment as one debit line but it would be good to split the credit amount to the right places - essentially you want to get your balance sheet into the state it would have been in had you claimed back the VAT when you first made the purchases.

1 Like
3

Ian

Brilliant, thank you.