Vat - opening balance / journal

[BlueFlag]

I have been using QuickFile since 1st October, toward the end of October a payment to hmrc for the previous quarters VAT shows on my bank statement and is now showing on my balance sheet as a VAT liability. I have tagged the payment on the bank statements as hmrc payment. The same has happened to a paye payment at the start of oct. I did not use a trial balance when I set up QuickFile but set up my bank balances manually. I am guessing I need to do a journal for the vat but have not done this before and just wanted guidance on how to do this correctly. Thanks.

[BlueFlag]

I have just found this thread on previous post which seems to have worked …

Adding and paying legacy VAT

Just an update on this one, the accountant suggested that I journal an entry to 2202 VAT Liability as a Credit and as a debit from 3200 Profit and Loss, all dated as the last day of the previous FY. It then shows on the balance sheet until paid and subsequently cleared. Thanks to all for your help.

[QFMathew]

Hi @BlueFlag

Glad to hear you’ve managed to resolve this. Please don’t hesitate to let us know if we can help you further.