Dear QF Team,
I deal with the quarter VAT submissions manually. After been refunded by the HMRC I tag the credit directly to the bank account. However the VAT values remain in the Purchase Tax Control Account, as “Current Asset” on the YE Balance Sheet - not accurate as the money has been refunded.
Is it possible to resolve this issue in a simple manner? Thank you so much for your help!
Thank you Steve but I’m sorry it didn’t - this step I do. The problem is to “eliminate”/“reconcile” the Purchase Tax Control Account because these figures have actually been credited and aren’t anymore outstanding. Thank you!
Even if you submit VAT returns via another method, you still need to run the VAT return process in QuickFile and save the return in order to create the journal that moves the accumulated VAT from the sales and purchase tax control accounts to the “vat liability” nominal in order to be balanced out by the payment or refund.
Bank movement + Tag me + option Tax refund from HMRC (e.g. VAT, PAYE or Corporation Tax)
Thank you Ian! Problem solved
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