HOME / COMMUNITY Switch to knowledge base

VAT period: invoice in 1, payment in next

About to file first MTD VAT return in Quick File. I am on Accrual accounting. Supplier issued invoice on last day of quarter so it will be paid in next quarter and show on uploaded bank statement in QF. How do I ensure QF knows that the VAT should be accounted for in first quarter, not second?

If you enter the purchase into QuickFile with the correct invoice date then it will be picked up automatically even if it hasn’t yet been paid.

In the VAT settings if you select the correct type of VAT scheme you are on it should do everything as per that scheme. So if you select accrural it will account for the invoices in this quarter.

Thanks… perfect, weekend saved

Thank you for fast response, appreciated on a Friday pm!

1 Like

This topic was automatically closed after 7 days. New replies are no longer allowed.