Question asked by Jamaal Ali 9 years ago
We have submitted VAT return.Now i have entered a bill manually and then mark it as paid.Can someone please advise if i have done the correct allocations in clearbooks.
Debit Credit Invoice ----- VAT payable ----- Trade creditors
Payment------ Trade Creditors ------ Bank
No, the VAT will be in the control account.
Head to Settings > Codes, find the VAT control, tick show in purchases box then hit save (down the bottom).
You should then be able to create the bill properly.
Best answerPleasure. It all takes a bit of getting used to but it's worth it in the long run, it's a great package.
Thanks Kevin for the help and taking your time out to reply.Now i can see what i was hoping to see on the balance sheet,no balance under VAT control :)
Thanks Kevin & John.
Kevin,that's right we did not submit through clearbooks.Clearbooks is only allowing to choose VAT cash control and VAT payable ( which is of course a wrong option),i suppose i have to allocate it VAT cash control in this case.
Hi Jamaal,
Unless you use the VAT return journal feature (Settings>Toggle features>Accounting), then the bill should be coded to the VAT control account rather than VAT payable.
Hi Jamaal
Possibly not.
I'm presuming you didn't submit the return through Clear Books? If that's the case, the bill will need to debit the VAT control, not VAT payable.
As for the payment, on the basis you'll 'pay' the bill in the usual fashion you won't need to worry about the double entry (but the above is indeed correct).
You must 