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Intuit
430 helpful votes

How to record a VAT payment or refund [Video]

When you pay VAT in QuickBooks, you are recording the payment against a specific VAT period; you are not actually transferring money to HMRC. Below is a short video on how to record your VAT payment in QuickBooks.

To record a VAT payment

  1. Go to Taxes and click on Record Payment for the specific VAT period you need.
  2. At the top, select the bank account you've used to pay HMRC.
  3. Make sure you've selected Payment under Payment Type.
  4. Enter the Payment date and amount.
  5. Add a memo if needed.
  6. Click Save.

To record a VAT refund

  1. Go to Taxes and click on the arrow next to View Return for the specific VAT period you need.
  2. Select Record Refund.
  3. At the top, select the bank account the refund has gone into.
  4. Make sure you've selected Refund under Payment Type.
  5. Enter the Refund date and amount.
  6. Add a memo if needed.
  7. Click Save.

This will create a new transaction on your books. If you are adding transactions from your bank feed, you will need to record the VAT payment here first, then match it to the transactions on the Banking page.

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