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Frequent Contributor *

VAT posting

Can anyone help me with a VAT payment I have to post.

My VAT return marked as 'filed' is showing as £12131.38  but the payment I made to HMRC was for £16844.47 because there was some surcharges on the final amount.  I now don’t know how to post the payment which will mark the VAT return show as paid, with the additional amount being posted to a HMRC Bill.  I now have a downloaded payment in my bank account for £16844.47 which I need to match up somehow. 

 

Any help will be appreciated 

Solved
Best answer 02-28-2019

Accepted Solutions
QuickBooks Team

Re: VAT posting

Hi TaylorShipley

 

If you are using QuickBooks Online

 

You could either

 

1. In the taxes section record the £12131.38 as being the amount paid and then do a separate expense for the difference of the amount you paid for the surcharge £4713.09 in this example (making sure the supplier is HMRC and you can set up an expense account for the surcharge and then save) Then if you go to banking and click on the transaction and then find a match you should be able to click both

 

2.Split the transaction on the banking page between the VAT Suspense Account and the expense account you want to use for the surcharge(though this will record the  payment in the taxes section as still open,the payment will be allocated correctly to the liability account and the additional payment to the expense account) and then add

 

Any questions or is you are using the desktop product  let us know

 

Emma

2 REPLIES 2
QuickBooks Team

Re: VAT posting

Hi TaylorShipley

 

If you are using QuickBooks Online

 

You could either

 

1. In the taxes section record the £12131.38 as being the amount paid and then do a separate expense for the difference of the amount you paid for the surcharge £4713.09 in this example (making sure the supplier is HMRC and you can set up an expense account for the surcharge and then save) Then if you go to banking and click on the transaction and then find a match you should be able to click both

 

2.Split the transaction on the banking page between the VAT Suspense Account and the expense account you want to use for the surcharge(though this will record the  payment in the taxes section as still open,the payment will be allocated correctly to the liability account and the additional payment to the expense account) and then add

 

Any questions or is you are using the desktop product  let us know

 

Emma

Frequent Contributor *

Re: VAT posting

Brilliant.  Thank you Emma