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M
MAS HD
January 4, 2020
Solved

How do I record a VAT repayment when I wasn't using QB when I submitted the return

  • January 4, 2020
  • 1 reply
  • 0 views

Hello

 

I have only just started using QB online and filed my previous VAT return using my old package. I have since received a refund from HMRC, how can I record this payment please? 

 

Thanks

Kim

Best answer by Angelyn_T

Thank you for joining the thread, @Hem.

 

I can help walk you through on how to record a VAT refund from HRMC in QuickBooks Online (QBO) 

As the refund covers to a period not file within QuickBooks, you can create a deposit or record a journal entry to enter the transaction. 

Every business is different particularly on the accounts used to handle each transaction. That said, I encourage contacting your accountant for additional help in identifying the correct posting account to use.

 

Just in case you need help with recording refund for  future VAT returns filed within QuickBooks, check out this article.

 

Thank you for allowing me to help. As always, add a comment below if you have any other questions. I'll get back to you as quickly as possible. Keep safe!

1 reply

C
Catherine_B
January 4, 2020

We can record it as a historical payment in QuickBooks, Kim. 

 

If you haven't filed any return in QuickBooks yet, we can change the effective date of the VAT setup to retrieve the return so we can record a historical payment. 

 

Before we start, we'll need to import or manually record all the transactions that are within the VAT return that has the refund. Then, we can change the VAT settings' Effective Date to pull up the return. 

 

Let me show you how:

  1. Go to the Taxes menu and click VAT. 
  2. At the upper-right, click Edit VAT and then Edit settings. 
  3. Change the Effective date for new scheme to the date you filed the return. 
  4. Click Save. 
  5. Under the Filed returns section, the reports will then show up.
  6. Click Record payment. 
  7. Once done, click Save. 

If you have further questions you can always mention my name. I'll be here to help!

M
MAS HDAuthor
January 10, 2020

Thank you so much for your help

Kim

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