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VdPSAR
March 15, 2022
Question

VAT suspense account

  • March 15, 2022
  • 1 reply
  • 0 views

I have filed and paid for my VAT using the VAT and payments tab but the amount i paid stays in the VAT suspense account.  Is this correct?  It doesnt seem like it should be there?  How does the GL process work for VAT and VAT payments?

1 reply

C
Charies_M
March 15, 2022

Hi there, VdPSAR.

 

First let's talk about what is VAT suspense account. This account contains the amount that has been submitted to HMRC but not yet collected or refunded. This is where the VAT filing is stored once it is marked as filed in QuickBooks.

 

How to record a VAT payment

  1. Go to Taxes, then select VAT.
  2. Select Payments, then select Record Payment.
  3. Select the bank account you've used to pay HMRC.
  4. Enter the payment date and amount in the appropriate fields.
  5. Add a memo if needed.
  6. Select Save.

Once the VAT return is submitted to HMRC or the period is marked as filed, the value of the return will move out from the VAT control account and into the VAT suspense account where it will be stored until the payment is made.

When you file the return to HMRC, the money will be taken from the VAT suspense account and the selected bank account will decrease by the value of the return.

 

You might want to visit the following link to become more familiar with the features and functions of QBO: 

Be sure to drop me a reply if you have additional questions. I'd be more than happy to help. Stay safe and have a good on

V
VdPSARAuthor
March 16, 2022

Good day

Thank you for the response.  I am not sure what you mean by HMRC?

I did follow these steps in the first place but I think I have figured out why it stays in the suspense account - the filing date is 3 March and payment is 23 Feb and my TB report is 28 Feb.  How can i change the filing date?

A
Archie_B
March 16, 2022

Hi there, VdPSAR.

 

I appreciate the details you've shared with us. Let me get you to the right person who can assist you further about your VAT return.

 

Once filed, the only way to edit it is by reaching our Customer Support Team. They'll be the one to help you unfile and make those necessary changes. 

 

To reach them:

 

  1. Go to the Help button and enter Customer Support.
  2. Click Contact Support Team and enter Edit VAT return.
  3. Tap the Contact Support Team link. Choose a way to connect with them.

 

If you need a VAT report for a detailed look. You can use  VAT Summary Report, VAT Detail Report or VAT liability report.

 

Get back to me if you still have additional concerns. I'll be here to help. Have a good one.

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