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How can i record a vat refund paid into the bank in a cheque?

How do i record a vat refund from hmrc. I receive a cheque, then put this in the bank. How do I record this? I have not used quickbooks for filing a vat return.

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Anonymous
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How can i record a vat refund paid into the bank in a cheque?

Hi deborahj7,


Thanks for reaching out.


When recording payments to or refunds from HMRC for VAT, these transactions are typically recorded against the VAT Suspense account if you have VAT turned on within your books.


If, as you say, you have not recorded this filing within your account for this refund, you could record this as a Supplier refund however I would suggest speaking with you accountant first to clarify if they would rather you create an opening balance for VAT within VAT suspense to record the refund against or suggest another method to keep your books correct. 


For more information on recording Supplier refunds, please have a look at our online article Supplier Credits and Refunds.


Let me know if you have any queries. Or, if you'd like to go through this over the phone, you can call our dedicated team who will be happy to assist you. Our contact details can be found here along with our opening hours.