Question asked by Stephen Moore 7 years ago
I have mistakenly added VAT to a purchase in June which my accountant says I need to remove for my tax return however the system won't let me edit the payment now. Is there a way to delete the payment only and edit it or do I need to remove the whole thing and re-do it? It's been done as a petty cash journal entry if that helps! Any advice gratefully received!
Hi Stephen,
There are two ways to do this.
If the VAT return has been created but not yet submitted, you can delete the return which will allow you to edit the transactions where you can then re-run the return with the correct figures.
If the return has been submitted, you must reverse the transaction i.e. post the opposite double entry to cancel out the initial mistake. Then, you can recreate the transaction correctly and submit both the reversal and new transaction in your subsequent VAT return.
Please let me know if there are any further queries?
Tommy
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