What is VAT Control v VAT Suspense?

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Level 14

Hello jgm-heating-gmai

Welcome to the Community page,

So the difference between the two accounts VAT control and VAT suspense is,

So the VAT control account is where all the VAT amounts go to before they are filed.

The VAT suspense account is where the filed VAT amount is that is due to be paid, or refunded.

Level 14

Hello jgm-heating-gmai

Welcome to the Community page,

So the difference between the two accounts VAT control and VAT suspense is,

So the VAT control account is where all the VAT amounts go to before they are filed.

The VAT suspense account is where the filed VAT amount is that is due to be paid, or refunded.

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