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Andre
Level 2

Account for Holding VAT

QBO community, what account should I select to set aside some VAT money

I have a separate bank account where I am holding VAT cash to pay HMRC (I pay quarterly), so when my bank account sync's I need to allocate that transfer (from my current account to another account but not sure which one is best to select).

So to clarify this is just to hold the VAT cash not to pay HMRC. Thanks.

Solved
Best answer September 24, 2018

Accepted Solutions
EdwardR
QuickBooks Team

Account for Holding VAT

Hello Andre,

 

Welcome back to the Community.

 

So the separate account where the money is held is this just a separate Bank Account? If so all you would need to do is create a new Bank account in your Chart of Accounts and create a Transfer from one account to the other. I have included steps below on creating an account if this is the case.

 

First of all select Accounting on the left of your dashboard and then select New in the top right corner. Now from here for a Bank Account you will normally set it as a 'Cash at bank and in hand' Account Type then select the Detail Type of your choice then name it and set opening balances. You can then create a Transfer using the '+' and selecting Transfer.

 

Please let me know if there is anything further I can help with.

 

 

View solution in original post

1 REPLY 1
EdwardR
QuickBooks Team

Account for Holding VAT

Hello Andre,

 

Welcome back to the Community.

 

So the separate account where the money is held is this just a separate Bank Account? If so all you would need to do is create a new Bank account in your Chart of Accounts and create a Transfer from one account to the other. I have included steps below on creating an account if this is the case.

 

First of all select Accounting on the left of your dashboard and then select New in the top right corner. Now from here for a Bank Account you will normally set it as a 'Cash at bank and in hand' Account Type then select the Detail Type of your choice then name it and set opening balances. You can then create a Transfer using the '+' and selecting Transfer.

 

Please let me know if there is anything further I can help with.

 

 

View solution in original post

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