Vat correction - purchase credit note

Question asked by Laura Harrington 4 years ago

Wondering if someone can help, I have incorrectly been claiming 100% vat over a number of invoices but it should have only been 50%. What is the best way of correcting this for my next VAT return? I was advised to raise a purchase credit note but it is now sat as unallocated?

Many thanks!

1 Reply

Hi Laura,

Instead of creating a credit note, I would recommend generating a journal. This would make the correction easier to administrate and adjust account codes within a journal in comparison to creating a credit note that would then need to be allocated.

Thanks, Theo

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