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DileepaNirmal
May 4, 2023
Question

VAT Control account

  • May 4, 2023
  • 1 reply
  • 0 views

Greetings!

 

I checked the balance of the open VAT return. (Menu > Taxes). But that balance is not matched with the current balance of the VAT control account. Shouldn't both balances be equal? 

 

Can you please anyone explain this? I appreciate any help you can provide.

 

 

1 reply

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Ashleigh1
May 4, 2023

Hello DileepaNirmal, thanks for posting on the Community page, the VAT control account is where all the VAT amounts go to before they are filed. So if they are all filed that will be by the amounts don’t balance out and are different. The VAT Control account balancer is made up of all the unfiled VAT amounts, that could include things that are outside of the open period so it is unlikely the VAT due for a period will match the control account.  The VAT suspense account is where the filed VAT amount is that is due to be paid, or refunded are kept. 

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DileepaNirmalAuthor
May 4, 2023

Hi Ashleigh1,

 

I have completely paid for the last VAT return. Therefore, shouldn't be equal the forwarding balance of the VAT control account and the balance of the open VAT return?

 

Thank you

A
Ashleigh1
May 4, 2023

There could be other things posting that are that are not within the open period. It is not unusual for the control account to not match the opening period amount. If you want to look into it you would need to go through the transactions in the account, preferably with the assistance of an accounting professional. 

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