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How do we input these figures?

Question asked by gary wyatt-williams 5 months ago

Good afternoon.

We have 2 payments which were unsure if we are inputing into clear books correctly. The first is the paye we pay each month and the second is our employees pension contributions that we pay. so far we have input them as purchases but should we have been inputing them as money in and explaining instead? Many Thanks Lisa

3 Replies

Hi Lisa,

Any purchases with VAT will debit the VAT control balance and therefore reduce the VAT balance on the dashboard.

Tommy

Hi Lisa,

Yes, purchases would be fine. Alternatively, you can process these as a Money Out and selecting the relevant account code.

Tommy

ok thats great, we only ask because the work we do is zero rated yet the "HMRC vat section on the dash board" is decreasing rather than increasing, so were not sure if we are inputting something wrong

Hi Lisa,

Any purchases with VAT will debit the VAT control balance and therefore reduce the VAT balance on the dashboard.

Tommy

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