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Level 2

Hi, I'm new to QB and started using at the beginning of a VAT period. There is a payment to HMRC for my previous quarter so how do I record that? Is it just an expense?

 
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Best answer 06-25-2019

Accepted Solutions
QuickBooks Team

Re: Hi, I'm new to QB and started using at the beginning of a VAT period. There is a payment to H...

Hello hello28,

 

Welcome to the Community - thank you for your question!

 

You can record this by first creating an expense account. To do this, go to Accounting > Chart of accounts > New. Select Expenses as the account type and Taxes Paid as the detail type - name this whatever you would like. Once you have created this account, go to the + icon and select Expense. You can then select the account created and record the payment amount.

 

This account is to be used in this one off situation, as QuickBooks will automatically use the VAT Control/Suspense accounts for future filings.

 

Thanks,

 

Talia

View solution in original post

2 REPLIES 2
QuickBooks Team

Re: Hi, I'm new to QB and started using at the beginning of a VAT period. There is a payment to H...

Hello hello28,

 

Welcome to the Community - thank you for your question!

 

You can record this by first creating an expense account. To do this, go to Accounting > Chart of accounts > New. Select Expenses as the account type and Taxes Paid as the detail type - name this whatever you would like. Once you have created this account, go to the + icon and select Expense. You can then select the account created and record the payment amount.

 

This account is to be used in this one off situation, as QuickBooks will automatically use the VAT Control/Suspense accounts for future filings.

 

Thanks,

 

Talia

View solution in original post

Level 2

Re: Hi, I'm new to QB and started using at the beginning of a VAT period. There is a payment to H...

Thank you