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yvonnedale
June 21, 2019
Solved

Where do I record a VAT repayment please?

  • June 21, 2019
  • 1 reply
  • 0 views
Original commenter did not share additional details
Best answer by Ryan_M

Hi @Hem,

 

I've got your back in this concern of yours regarding a historical VAT refund from HMRC.

 

Since this VAT refund happened before moving to QuickBooks Online (QBO), I suggest entering a journal entry. 

 

To create one, follow these steps:

 

  1. Go to the + New menu.
  2. Tap Journal Entry.
  3. Fill out the fields as necessary. 
  4. When done, click Save and close.

As for which accounts to use, I suggest consulting your bookkeeper or your accountant. This ensures you're recording the journal entry correctly and keeping your books accurate.

 

As for recording VAT payments or refunds for periods that are recorded in QBO, see this article: Record a VAT payment or refund. Here you'll find 2 sets of steps for payment and refund. As well as a short video of this process, for your reference. 

 

If you have any other questions, simply place it in the comments below. I'll be sure to take care of it. 

1 reply

E
EmmaM
June 21, 2019

Hello Yvonnedale

 

If you are using QuickBooks Online more information on how to record this can be found here

If you have not filed the return in the QuickBooks Online or if you are using the Desktop product just reply back to this post

 

Thanks

Emma

H
Hem
June 22, 2020

Hi Emma,

 

Please can you tell me how to record a VAT repayment from HMRC for a filing that was done before moving to QBO.  Please note that since moving to QBO I have filed a few subsequent VAT returns using QBO.

 

Thanks,

 

Hem

R
Ryan_MAnswer
June 22, 2020

Hi @Hem,

 

I've got your back in this concern of yours regarding a historical VAT refund from HMRC.

 

Since this VAT refund happened before moving to QuickBooks Online (QBO), I suggest entering a journal entry. 

 

To create one, follow these steps:

 

  1. Go to the + New menu.
  2. Tap Journal Entry.
  3. Fill out the fields as necessary. 
  4. When done, click Save and close.

As for which accounts to use, I suggest consulting your bookkeeper or your accountant. This ensures you're recording the journal entry correctly and keeping your books accurate.

 

As for recording VAT payments or refunds for periods that are recorded in QBO, see this article: Record a VAT payment or refund. Here you'll find 2 sets of steps for payment and refund. As well as a short video of this process, for your reference. 

 

If you have any other questions, simply place it in the comments below. I'll be sure to take care of it. 

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