Vat Control Account adjustment
Question asked by Gordon Segrove 4 months ago
I have a starting balance of £50 in my VAT control account at the beginning of my accounting period which I need to remove. It's a necessary hangover from an invoice from the previous period which has been fully VAT accounted for in another accounts package. The debtors opening balance method hasn't worked for reason I won't explain, so I had to create this invoice dated before the accounting perio, which has caused this £50 hangover
I need to create a journal entry to remove the extra £50 VAT amount thats there in the VAT Control account.
Whats the exact format and which accounts do I Cr and Dr?
Many thanks in advance