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R
ronc
October 19, 2021
Question

No VAT on banking transactions

  • October 19, 2021
  • 1 reply
  • 0 views

In the banking tab, the VAT column is blank a lot of the time on my transactions. When I match these transactions to existing bills that have VAT, does it matter that the VAT column was blank on the banking transaction? After I have matched the transaction to the bill, if I go to Expenses, the bill payment will show that there was 0% VAT, even though the bill that it was linked to will show the correct amount of VAT on that bill. Does that matter at all? 

1 reply

G
GeorgiaC
October 19, 2021

Hi ronc, the VAT element is taken from the bill itself, not the linked payment, so matching from the bank won't impact this - if you're using the cash VAT accounting scheme, however, the VAT will only hit your return once you've matched the payment. Please get back to us below if you have any Q's!

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