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R
RDM4
July 16, 2024
Question

VAT Payment

  • July 16, 2024
  • 1 reply
  • 0 views

I have paid a quarterly VAT bill, reconciled the bank account and coded it to the VAT liability in the balance sheet.  When I go to the Taxes : VAT part of QB and record the payment, the bank account reduces incorrectly and the payment doesnt appear.

 

Essentially QB is recording the payment twice even though it is paid only once appearing in the list of bank transactions.


How do I record a VAT payment in the Taxes : VAT section, get it to appear against the only payment in the list of bank transactions and match it.

1 reply

G
GeorgiaC
July 16, 2024

Hello and welcome to the Community, RDM4

 

When recording VAT payments in QuickBooks, you should record the payment on the Taxes dashboard (instead of adding the downloaded transaction from your bank feed).

 

This ensures that the VAT payment is posted to the correct VAT Suspense account. QuickBooks uses two accounts to track your VAT, the VAT Control and VAT Suspense. You can learn more on each here.

 

Once recorded, you can then match the VAT payment to the downloaded bank transaction. Matching creates a link between the records and ensures that they are not accounted for twice. 

 

You can undo any bank transaction that has already been added by going to the Bank transactions > Categorised > Click Undo beside the transaction in the Action column.

 

This moves the transaction back to the For review tab where it can be matched against the VAT payment. 

 

We hope this helps to answer your query. We're just a post away if you require any additional assistance. 

R
RDM4Author
July 16, 2024

Thank you.

 

The payment includes a bank charge.  So I need to match a part - the VAT amount - and create a transaction for the bank charge.

How do I do this?

P
payment after leaving
July 16, 2024

Hi RDM4 It won't be possible to to record a VAT payment including fees from the VAT section. What you can do is record the actual amount due to HMRC from the VAT section, enter the bank it was paid from, the amount etc. create a separate expense relating to the bank charges and exclude the amount on the for review/banking section. I note that you have previously stated that you have manually recorded the transaction, this would have to be deleted so the amount/s aren't duplicated.

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