How do I add existing assets, equipment & tools, so I can reclaim the vat but not show an amount as owing for the purchase. We're newly vat reg but already established.

Hi tracyatatr

If you do not want to show an asset balance or the purchase of the asset/an amount not  leaving your bank account, and would just like to reclaim the VAT element then you would: Create  Journal Entry as follows select New+ > Journal Entry >  enter the date you would like to reclaim the VAT, we presume it will be in the present quarter > on line one of the journal, in the account column select VAT Suspense > in the debit column enter the gross amount of the amount you would like to claim, e.g. if you want to claim £2000 of VAT enter 10,000.00 > in the VAT column select 20%S (Purchases) > on line two in the account column select the VAT Suspense account and enter the gross amount in the credit column > on line three, in the account column, select VAT Control and in the credit column enter the net amount/the amount you would like to re-claim, in our example 2000 > save and close.

The net/tax amount will now be showing in box 4 as an amount to re-claim, reducing your liability.

If this is not what you require please let us know.

We must make you aware that we are not accountants and thta you clarify any information, such as the above, with an accountant.