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September 4, 2024
Question

Matching VAT

  • September 4, 2024
  • 1 reply
  • 0 views

Hello,

 

I accidentally underpaid the VAT amount of £5100 by £100. So to correct I made another payment of £100.

How do I record/match the two payments in QuickBooks against the single VAT due of £5100 ?

1 reply

September 4, 2024

Hi James, thanks for reaching out to the Community today

 

We'll be happy to help you with matching VAT payments in QuickBooks. 

 

It would be recommended to record separate VAT payments to reflect your bank statements. This will then easily allow you to match to the associated downloaded transaction in QuickBooks.

 

If you're already recorded the VAT payment for the full amount, you can delete this, allowing you to re-record the payments against the return. 

 

To delete, go to transactions search (Take me there) and set the Transaction type drop-down to Tax payment. Locate and click on the VAT payment to open, and then select Delete.

 

Next, go to the VAT center (Take me there) to record the payments. On the Record VAT payment screen, enter the partial amount paid in the Payment amount field. Complete all other fields and save. 

 

Return to the VAT center and repeat the process to record the second payment for the remaining amount. Once both payments have been recorded, an auto-match will appear on your bank feed. 

 

For further tips on recording VAT payments in QuickBooks Online, see here. We'll be around if you need any further support!