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iancharltonuk
August 6, 2019
Question

VAT: how do I account for a payment made to HMRC before joining QBO.

  • August 6, 2019
  • 1 reply
  • 0 views
I made a payment of approx. £7K to HMRC in Feb 2019. I joined QBO in March.

When QB uploaded my bank transactions, I had to log the £7K payment as an uncategorised expense rather than a VAT payment as QB had no invoices to match that VAT payment to.

That £7K is now throwing out my P&L etc.

Is there a way that I can create journal entries to correctly account for that £7K payment? Could I create entries to the VAT control or suspense accounts?

Thanks
Ian

1 reply

P
Paulg1969
August 15, 2019

I assume that the VAT payment was for an opening balance, if you've not yet entered these then post the cheque to opening balance equity. If you have entered them then the opening creditor should be there to match your payment against. I'd have probly set up a different account for it rather than do this through the VAT account.

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