Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
hi fernando.lanyog
Thank you for contacting Community.
If you have filed your VAT return within QuickBooks and the system already has it marked as filed in the taxes section, you can record the payment or refund there. To do this...
1. Click on 'Taxes' on the left of your QuickBooks account.
2. Locate the return under the Submitted or Filed section.
3. Click on the drop down arrow at the end of the line and select 'Record Refund'.
4. Fill out the required information and click 'Save'.
This will then record the payment as being refund to which ever bank account you selected.
If you have any further issues, please feel free to get in touch. Our contact details can be found here.
hi fernando.lanyog
Thank you for contacting Community.
If you have filed your VAT return within QuickBooks and the system already has it marked as filed in the taxes section, you can record the payment or refund there. To do this...
1. Click on 'Taxes' on the left of your QuickBooks account.
2. Locate the return under the Submitted or Filed section.
3. Click on the drop down arrow at the end of the line and select 'Record Refund'.
4. Fill out the required information and click 'Save'.
This will then record the payment as being refund to which ever bank account you selected.
If you have any further issues, please feel free to get in touch. Our contact details can be found here.
How do you record a refund for a VAT return from last financial year before I started using quickbooks? Should I put it in as an other income or something else?
I have the same question.
Hello there, @atki and @ Periclase.
Welcome to the QuickBooks family. Let me point you in the right direction on how to record the VAT refund.
You can use the Journal Entry feature to enter the transaction. This is to ensure the records are in tiptop shape.
We believe that every business is distinct, especially on the accounts used to handle each transaction. For this reason, I recommend contacting your accountant first to help identify the correct posting account for Debit and Credit.
This information should get pointed on the right track. Stay in touch if you have any follow-up questions or concerns about QuickBooks. Please know I’m here to help.
We have received a VAT refund for a return done within QBO which was automatically posted from the bank account linked. Can you clarify if following your instruction ("Record Refund") creates a Cr on the VAT control account along with the Db on the Bank? If not, where and how is the credit side posted?
With the automatic posting from the bank account, how can I add the Credit side to the VAT control?
Should I delete that record and post the refund with "Record Refund"?
Thank you
Hello there, EliBee.
The record a refund option is for recording purposes and the transaction is recorded correctly within your bank account. After you record a refund, you can run a quick report of the account and look into the Debit and Credit side.
Let me show you how:
There you can see the affected accounts. In addition, when you match the refund to the deposit in your bank feeds make sure that you select the correct account where the refund was posted.
Refer to these articles for more detail on how to manage bank downloaded transactions and VAT refund:
Feel free to mention me in your reply if you need more help. You take care!
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.