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M
Minxette
February 27, 2022
Question

HRMC has rounded up our VAT refund. How do I account for the difference?

  • February 27, 2022
  • 1 reply
  • 0 views

We are due a VAT refund of £626.61 but HMRC has paid us £627.00.  We have been overpaid by £0.39.

 

How do I account for this £0.39 difference in QuickBooks Desktop please?

1 reply

S
ShiellaGraceA
February 28, 2022

Welcome to Community, @Minxette.

 

I'll share some information about recording VAT refunds. You can create a journal entry to account the refund difference. However, it is recommended to consult your accountant to make sure you're selecting the correct accounts.

 

If you don't have an accountant, you can visit our website to check for an accountant near you. Here's the link: Find an accountant or bookkeeper near you.

 

To record a journal entry:

 

  1. Go to the Company menu and select Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Click Save or Save & Close.

 

I'm also attaching this link to know more about VAT: VAT and Making Tax Digital for QuickBooks Desktop.

 

Please don't hesitate to reply anytime if you have follow-up questions or concerns about VAT. I'm always here to help. Take care and be safe.

 

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