VAT and item refund

Accounting
1

Hi
I bought an item in the last VAT period which was returned and money returned in this VAT period. I am unclear as to how to show this in my accounts.
Many thanks
Barbara

2

Hi Barbara,

I’m assuming you will have been issued with a credit note? just process as normal and it will be picked up with your next return

3

Hi
They refunded. So the full refund was credited to our bank account (including VAT).
Cheers
Barbara

4

You will just need to create a credit note yourself then for this amount, you can date it the same as the invoice, it will be picked up with the next return as the previous period will be closed.

5

Hi Beth

Sorry I am new to all of this.

I have gone to the original purchase (jan 12 2019) and select more options> Credit note.

But not sure then which date to add; the date for the original purchase or the refund (June 14th 2019).

Sorry to be dense.

Regards

Barbara

6

Hi Barbara,

The date won’t matter too much as either will be picked up with your next return. But maybe if you use the refund date it might be easier?

7

If the supplier has issued you with an official credit note then I’d say use the date of that, otherwise just the date of the refund should do.

1 Like
8

Morning Ian.
No credit note, they have refunded, its just in a different VAT period.
I have not needed to do anything like this before or raise a credit note as suggested by Beth before, so apologies is I am making heavy weather of this.
regards
Barbara

9

Many thanks all sorted.

1 Like
10

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