VAT reconciliation

Question asked by Diane Banister 11 years ago

At the end of each VAT quarter we make a payment to HMRC for the VAT we have collected in that quarter. We reconcile that using the money import button, which goes to the VAT payable account. Despite this our home page shows a VAT amount owed to HMRC building up, which includes the total payments we have made to date i.e. VAT payments we have made are not reflected in a reduced VAT amount shown on the home page, and therefore does not show a true picture of the amount of VAT owed.

How do we rectify this to show the correct amount of VAT owed as payments are made?

How do we amend the current VAT amount shown to reflect the payments already made to HMRC?

Design
Accounting Accounting
Write reply1

1 Reply

Hello Diane,

Sorry for the delay in the response. You will need to go to the bills which you have created and then edit the account codes so that they are all set to VAT Control Account. This is the account code you will need to use to ensure that your VAT building up on the dashboard is updated.

This should work to reduce your burden balance on the dashboard.

Regards,

Vanish.

Best answer
10 years ago

Reply to this question

Attach images by dragging and dropping or upload
 

Your comments will be public and can be answered by anyone in the Clear Books community.

Find out what we do and who we are

Apps

Company

Social