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Hi, I have completed my return ( 2 at the same time as advised by my accountant ) How do I match VAT payment to HMRC from the bank feed? Thank you

Hi,

To cut a long story short, my accountant advised to pay 2 quarters of VAT in one payment ( a timing thing ).

I've created 2 VAT returns in quickbooks, lets say:

Return 1 - £5k
Return 2 - £10k

I have then gone ahead and made a £15k payment to HMRC.

This £15k payment is now sitting in my bank feed and the only available VAT categories for me to assign the payment to are VAT control & VAT suspense.

Should there be something like "VAT paid" etc. ?

To further clarify I have followed the prompts in the taxes section of QB's and both of the returns have a status "paid".

Sorry If I am not making sense,  I am totally new to VAT.

Thank you
Patrick
Solved
Best answer 07-07-2019

Accepted Solutions
QuickBooks Team

Re: Hi, I have completed my return ( 2 at the same time as advised by my accountant ) How do I ma...

Thanks for giving us a short overview of your scenario, Patrick!

 

QuickBooks is flexible enough that we can match one bank transaction to one or more transactions. This can be achieved using the Find Match function. Let me guide you through it.

  1. Click the £15k transaction on the Banking page.
  2. Select Find match.
  3. Change the date range that includes the dates of the two VAT payments.
  4. Select the £5k and the £10k payments (Tax Payment).
  5. Click Save.

If you still need help matching your bank transaction, please let me know.

1 REPLY 1
QuickBooks Team

Re: Hi, I have completed my return ( 2 at the same time as advised by my accountant ) How do I ma...

Thanks for giving us a short overview of your scenario, Patrick!

 

QuickBooks is flexible enough that we can match one bank transaction to one or more transactions. This can be achieved using the Find Match function. Let me guide you through it.

  1. Click the £15k transaction on the Banking page.
  2. Select Find match.
  3. Change the date range that includes the dates of the two VAT payments.
  4. Select the £5k and the £10k payments (Tax Payment).
  5. Click Save.

If you still need help matching your bank transaction, please let me know.