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VAT listed as current Asset


Hi there, I am new to Quickfile and have only just started using the system from 1st April. My last VAT quarter payment has just been paid out of my account and I tagged it in the correct way under HMRC VAT on my live bank feed.
The amount is now showing as a current asset on Quickfile. I think this is because my last VAT return was completed in the old way rather than through digital reporting using Quickfile?
I just wondered how I change this as I have paid the amount rather than it being a current asset/liability still due? Many thanks. Wayne



When you started using QuickFile, did you enter your opening balances? If so, was there an opening balance for VAT (e.g. the outstanding amount)?


Hi Mathew, thanks for your reply. No, I didn’t enter an opening balance for VAT due. Are you able to guide me in how to do that? If not I will need to ask my accountants for help. I really appreciate your reply. This is all new to me, I am only used to recording everything via spreadsheets. Thanks again. Wayne


The best way to do it is to import a trial balance or balance sheet from the day before you started - 31st March in your case. Do you have one of these?

Your accountant may have prepared one as part of your year end accounts.