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A
andrew-malkin-co
April 8, 2021
Question

Help! We are left with a balance in accounts receivable for past VAT refunds following import by QB. How can we remove this please if anyone can advise

  • April 8, 2021
  • 1 reply
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1 reply

E
EmmaM
April 8, 2021

Hello Andrew-malkin-co, The import was that from your bank? Were these for refunds prior to using QuickBooks for VAT?

A
andrew-malkin-coAuthor
April 8, 2021

Thanks for asking. No, the import was done by QB personnel, to get us to move from the desktop version to online. We completed a financial year, QB staff imported the balances etc. By the time we noticed we havnt since been able to fix via talking with them. So this leaves us with a balance in accounts receivable for VAT that sits on the balance sheet etc. 

E
EmmaM
April 8, 2021

Hello Andrew, You could do a journal entry to record this (+ symbol in the top left and then journal entry), reducing the accounts receivable, and on the other side of the journal create a specific income account for the VAT refund(only in this case as it was not filed in QBO) Or create a deposit and in add funds to this deposit using the income account and select the payee as the same as the debtor, with No VAT attached. The latter would impact the bank account. It is worth confirming with an accountant always as well.

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