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marissa-leadersm
November 5, 2021
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How do I record the VAT payment to HMRC for my VAT return. I want to know which account is debited? thanks

  • November 5, 2021
  • 2 replies
  • 0 views
Original commenter did not share additional details
Best answer by Rubielyn_J

I've got you some ways on how to record payment for VAT return, @marissa-leadersm.

 

QuickBooks Online tracks your payment due dates in one place so you can avoid late returns and extra fees.

 

Here's how you can enter this into your account:

 

  1. Go to Taxes, then choose VAT.
  2. Click Payments, then select Record Payment.
  3. Choose the bank account you've used to pay HMRC.
  4. Input the payment date and amount in the appropriate fields.
  5. Add a memo if needed.
  6. Lastly, click Save.

 

To know which account is debited in recording the transaction, I suggest consulting your accountant. They can provide you with the correct information to ensure your records are accurate.

 

In addition to that, let me share this link to help you manage VAT returns in QuickBooks Online:

 

 

Keep me posted if you have other questions about VAT payments in QuickBooks. I'll be around to help you always. Have a good day!

2 replies

Rubielyn_J
Rubielyn_JAnswer
November 6, 2021

I've got you some ways on how to record payment for VAT return, @marissa-leadersm.

 

QuickBooks Online tracks your payment due dates in one place so you can avoid late returns and extra fees.

 

Here's how you can enter this into your account:

 

  1. Go to Taxes, then choose VAT.
  2. Click Payments, then select Record Payment.
  3. Choose the bank account you've used to pay HMRC.
  4. Input the payment date and amount in the appropriate fields.
  5. Add a memo if needed.
  6. Lastly, click Save.

 

To know which account is debited in recording the transaction, I suggest consulting your accountant. They can provide you with the correct information to ensure your records are accurate.

 

In addition to that, let me share this link to help you manage VAT returns in QuickBooks Online:

 

 

Keep me posted if you have other questions about VAT payments in QuickBooks. I'll be around to help you always. Have a good day!

paul72
paul72
November 8, 2021

Hi @marissa-leadersm 

 

In QBO, you are best to use the 'official' VAT Payment procedure above because, when you use QBO to file the VAT Return (via MTD), the system posts a journal (i.e. moves the VAT payable amount) from VAT Control account to VAT Suspense account.  It then moves money from Bank account to VAT Suspense when you initiate the payment.

 

The only downside is that the VAT Payment cannot be edited (as a normal cheque or bill payment) if you enter the wrong amount or wrong bank account - so be careful on those counts.

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