Hello John,

Your options are journalling that VAT liability out - however you will have to create an account within your Chart of Accounts to post this to. If you choose this option, we advise that you speak to an accountant as we will not be able to tell you what type of account to create, or how to record this correctly. Another option would be to create a new account and start from scratch - this would then allow you to go forward from now recording all your transactions with the correct VAT liability.

Again, you would be best speaking this through with an accountant to see what they suggest.

My colleague was asking what the VAT liability account is named? If it is the accounts that the system creates, it will either be named VAT control or suspense.

Thanks,

Talia