VAT payment to HMRC
Question asked by Kate Lloyd 9 years ago
Hi,
quick question - when I record a VAT payment to HMRC does it go under account code Liability - 'VAT payable'?
Thanks
Kate
If you didn't submit it through CB the amount payable won't haved 'moved' anywhere so it'll just be sitting within the VAT control. So the dates all tie up correctly you're probably best journaling it from VAT control to VAT payable then analysing the subsequent bank payment to VAT payable.
There's more than one way to skin a cat in this scenario but that should do the trick.
Best answerHi Kate
It depends. Did you submit the VAT return through Clear Books? And if so, was a bill produced payable to HMRC or was the amount due journaled to a balance sheet account?
Hi Kevin
I didn't submit it through Clear Books. Does this mean I should create a new account code?
Many thanks for your help
If you didn't submit it through CB the amount payable won't haved 'moved' anywhere so it'll just be sitting within the VAT control. So the dates all tie up correctly you're probably best journaling it from VAT control to VAT payable then analysing the subsequent bank payment to VAT payable.
There's more than one way to skin a cat in this scenario but that should do the trick.
Best answerMany thanks Kevin - you're a star
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