Vat Recording

Being new to Quickfile when recording a Vat payment do I simply create a purchase account, log the payment and then tag in banking, likewise if I am owed Vat enter as a credit?

Advise much appreciated, in simple terms please.

Do you mean the payment you make to (or receive from) HMRC? When you run a VAT return in QuickFile the journal it creates will put the VAT you owe or are owed on the “VAT liability” balance sheet code. When you pay or receive the money, tag the transaction as “tax payment” or “tax refund” and select “VAT” as the type of tax, and QuickFile will post the balancing entry to the same VAT liability code to return it to zero.

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