Retain negative balance on VAT

jaapkrijger · ‎October 06, 2021

In Kenya, you don't get your VAT refunded, our revenue authority rather starves your cashflow. They say you will recover thru your future sales. This means that, upon filing, your negative balance should remain. It looks like QB assumes that businesses get refunds as after filing that negative balance is nowhere to be found... how do I adjust my sales tax account to reflect the correct figure?

Ashleigh1 · ‎October 06, 2021

Hello Jaapkrijger,

Welcome to the Community page,

You could do a journal or adjust the VAT. However if you are using the UK version of the software its set up for a refund to happen so we wouldn't be able to advise on what you should do and you would need to speak to a trained and qualified accountant who would be able to help you find out how to work around this.

jaapkrijger · ‎October 06, 2021

Yes its a UK version. But regardless of that, once you have filed your returns and the balance is negative. Should it not show as negative until payment has been received?

Ashleigh1 · ‎October 06, 2021

Hi Jaapkirijger, it looks like it will show as a negative in the system.

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Retain negative balance on VAT