VAT accounts - confused!
Question asked by Evan Jolly 3 years ago
Hi all, I've recently started using Clearbooks, it's all great apart from I can't get my head around the VAT part.
My Accounting period starts from 1/12/18, which is when I started using CB. My VAT period also starts then (so next return is Dec, '18 - Feb. '19)
I have few questions:
- My VAT control account is showing with an opening Credit. Not sure why this is?
- How do I handle VAT payments from my current account? In Jan I paid the previous quarter's VAT bill, but it seems to affect the current figures as the dashboard shows 'VAT due from HMRC building up', which is not correct as they never owe me money!
I have to admit I don't understand the difference between the different VAT accounts - would certainly appreciate some help. Assume I'm stupid!
Thanks in advance