I have submitted my first vat return on QF for the last quarter however I have recorded 5 previous payments out of my QF bank to HMRC vat without using QF for the vat return. This is because I only started using QF last August. Now I have a balance on the vat liability in the balance sheet showing as an asset. How can I clear this up?
I have also noticed that the journal entry created for my last return - purchase vat amount is not the same as that that was submitted using the vat form?
How did you record opening balances when moved to QF?
I didnt record any opening balance for VAT liability.
How can I put it right now?
This should help " How to move accounting system"
Ok still lost…
Can you tell me the journal entries I need to make to correct my problem?