How do I record a VAT repayment when I wasn't using QB when I submitted the return but then when started using qb was deregistered for VAT

Lwshropshire · ‎July 27, 2020

Ashleigh1 · ‎July 27, 2020

Hello Lwshropshire,

Welcome to the Community page,

The way in which you could record this in your Quickbooks account is to create an expense to your HMRC category and then match the expense to the banking page. As long as the amount, account, and date are the same it will find the matched transaction for you on the banking page in Quickbooks.

left-hand navigation bar click on +new>expense> fill the information in>save go to banking page find the transaction it should have find match>click on match this will move the transaction form for review to reviewed for you.

If you have any other queries please reach back out to us.

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Ashleigh1 · ‎July 27, 2020

Hello Lwshropshire,

Welcome to the Community page,

The way in which you could record this in your Quickbooks account is to create an expense to your HMRC category and then match the expense to the banking page. As long as the amount, account, and date are the same it will find the matched transaction for you on the banking page in Quickbooks.

left-hand navigation bar click on +new>expense> fill the information in>save go to banking page find the transaction it should have find match>click on match this will move the transaction form for review to reviewed for you.

If you have any other queries please reach back out to us.

Lwshropshire · ‎July 27, 2020

Thank you for the reply, so what i did was from the banking feed add expense to vat suspense account but then there leaves a balance on the account which needs to be zeroed.

Ashleigh1 · ‎July 27, 2020

Hello Lwshrophire,

You will need to essentially create an opening balance journal for the VAT suspense account. If you are not sure how to do this you will need to speak to an accountant who will be able to assist you on how to create the journal for you. As we are not trained accountants just technical support.

To also make you aware that creating an expense is not the way to record this once you start filing periods in your Quickbooks, you would do this from the taxes page itself.

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How do I record a VAT repayment when I wasn't using QB when I submitted the return but then when started using qb was deregistered for VAT