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dave68
September 27, 2019
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My system correctly accrues VAT into a Current Liabilities Account Called VAT Payable. How do I now correctly handle the actual payment of VAT to SARS.

  • September 27, 2019
  • 1 reply
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I want to know how to enter a payment of VAT to SARS, correctly debiting the bank account and reducing the Current Liabilities VAT Payable account at the same time 

Best answer by Rustler

When you make the payment, use that same liability account as the expense (reason) for the payment.  That will lower the liability by the amount paid

1 reply

Rustler
RustlerAnswer
September 27, 2019

When you make the payment, use that same liability account as the expense (reason) for the payment.  That will lower the liability by the amount paid

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