We have just received a cheque for a vat rebate, how do I record this in QuickFile? I’m sure it’s really obvious and simple but after looking through other posts I’m still not sure
How did the rebate happen? Was it from a submitted vat return in quickfile? If so you just tag it as vat payment the same as any other
We haven’t signed up for MTD yet so the return was completed manually on HRMC
OK but you must have ran a vat return to get the figures to manually enter. So if you did and you saved it, the vat rebate would have been logged on the balance sheet, so tagging it as a vat payment still applies.
If of course you didn’t run a vat return, for whatever reason, then you’ll need to either enter all the figures that arrived at that rebate and then save a vat return to record the balance sheet entry, or you’ll need to create a journal to record the sales and purchase tax figures and the vat rebate amount. And then tag it as a vat payment.
The 2nd option gets complicated if you don’t know what you’re doing, so perhaps seek professional advice.
Other than that, there’s nothing else you can do to record it.
You should presumably have a debit balance on the VAT liability account for the amount of the rebate? In which case you just tag the receipt to the same VAT liability account 2202.
This topic was automatically closed after 5 days. New replies are no longer allowed.