VAT Transaction Entries

Support
1

Morning - first time here so apologies if this has been asked before!

I’ve made my first VAT return (which has resulted in a HMRC refund) but don’t know what entries to make to ensure that the repayment is entered correctly in QF Banking and general accounts - please can anyone help?

Many thanks
Andy

2

Hello Andy

The process is as follows

  • Enter your sales and purchase transactions (and payments if on vat cash)
  • Generate and check the return
  • Submit the return
  • Record a payment/return (on your bank in QuickFile as a Money in/out transaction)

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  • Tag the Money in/out transaction as a Tax Refund/Payment

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3

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