Skip to main content
B
BodG
July 18, 2022
Question

Recording VAT payment

  • July 18, 2022
  • 1 reply
  • 0 views

My company make a payment on account to HMRC. This transaction was posted as expense to VAT suspense account, and reconciled.

We then submitted the return, which was a lot higher. However the amount we then paid out of the bank was less as the payment on account was deducted. 

I recorded payment and matched it to the later amount. However it is still showing the payment on account amount as outstanding.

Can I record payment against this without deleting the reconciled expense?

Thank you 

1 reply

A
Ashleigh1
July 18, 2022

Hello BodG, 

 

Welcome to the Community page, 

 

You would have to change the category on the expense transaction recorded for the payment on account to HMRC.  If the vat return was filed outside QBO and you are recording the payment only you would have to categorise it under Taxes paid Expense category and not VAT suspense because that would show as credit to that VAT suspense as it is a liability account. Also how has it been reconciled if it’s the wrong amount? As straight away your reconcile can't be right if you have paid a different amount as well just to make you aware of that. 

Terms & ConditionsAccessibility statement