FOR THE VAT RETURN I NEED TO RECLAIM THE VAT OF £1315.61 ON EQUIPMENT HELD ON REGISTRATION. PLEASE ADVISE OF THE JOURNALS THAT NEED TO BE MADE ?

Hi dee38 👋

Thanks for joining us here on the Community.

If you require the full amount to hit Box 4 - 'VAT reclaimed on purchases' of your return, you can follow the steps below to enter a 100% VAT bill. 

1) Click on the + sign and select Bil

l2) Enter the bill details (date, payment account) and set the VAT 'Amounts are' to 'Exclusive of VAT'

3) On the first transaction line, choose the account you want to use. For the rate, enter £0.01, and for the VAT code, select the 20% Standard code.

4) On the second line, select the same account. For the rate, enter -£0.01, and choose the Exempt VAT code.

5) Scroll to the subtotal - the total of the invoice will be 0. You can then edit the amount in the VAT box to input the amount you need - this will post to box 4 of the return.

Get back to us below if you have any questions on this.