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July 12, 2022
Question

Must invoice receipts be recorded with VAT for the VAT return? Our VAT is on a cash basis and Invoices are issued with VAT at standard rate.

  • July 12, 2022
  • 1 reply
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With VAT on a cash basis and invoices are issued with VAT, do I need to record receipts with VAT against the balance due?  

1 reply

July 12, 2022

Hello Treasurer-rgcons, 

 

Welcome to the Community page, 

 

SO what you would do is if you have created the invoice in QuickBooks, then you just need to record the payment against the invoice, you would not add VAT to the payment as that will cause the VAT to then be recorded twice.