Skip to main content
B
BecJ
April 27, 2018
Question

Recording VAT payment from your business account

  • April 27, 2018
  • 1 reply
  • 0 views

Which dropdown do I use to record the VAT payment that has gone from my business account; VAT expense, VAT Control or VAT Suspense?

 

Many thanks!

1 reply

AshH
AshH
April 30, 2018

Hi BecJ.

 

Thanks for contacting QuickBooks.

 

If you have made a VAT payment, this would be made to the VAT suspense account. You would never need to post anything to the VAT Control account as this account will populate automatically with any transactions that have been assigned a VAT code. The VAT suspense account would be used for recording submissions in the form of journals (These would be created automatically when you file your VAT return), this would create a liability that would then be reduced when the Payment is made.

 

To answer your question, the Bank payment would be made to the VAT Suspense account.

 

Let me know if there is anything else I can help with.

G
grahamjones
May 11, 2018

I have the same issue about how to record a prior VAT payment. However, the solution provided here does not work. It is not possible to post directly to the VAT suspense account from the Bank account. It returns an error saying it is a system account and cannot be added to. So how do I post the VAT payment already made?

G
grahamjones
May 11, 2018

I think I might have answered this myself....?

 

I added an opening balance for the VAT that was due to be paid in the Opening Balance Equity Account which increased the VAT suspense account.

 

I then posted the cheque payment to the Opening Balance Equity account which then paid the VAT suspense account.

 

That means the bank payment has been recorded, the OBE is at zero, as it should be and the VAT suspense account is correct.

Terms & ConditionsAccessibility statement