i am trying to record an owners draw but i need to fill in the vat box.
which vat code would i use for a cash withdrawl also if i make a purchase with the business bank account how do i complete the vat box ? I obviously do not want vat figures on personal items bought to be included on my vat return
Hello Abdecor Bex
If you do not want vat figures on the vat return for personal items you can use the NO VAT code this does not impact the VAT return. If you're using an equity chart of account to record this in then it will show on your Balance Sheet report, against the bank account and the equity account.
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