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VAT listed as current Asset

resolved
#1

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

#2

Hi @WJG

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)?

#3

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

#4

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.