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VAT Annual Accounting Scheme - recording payments

Where do I record the quarterly (in my case but could be monthly for others) for VAT? Under this scheme, the company pays for VAT ahead of time and then balances it out at the end of the year. Because I have not yet submitted a return I am unsure how to record this.

I keep a separate bank account where I keep a rough VAT amount that will be paid at the end of the year, and from that account, I pay HMRC a certain fixed amount every quarter.

 

I tried transferring to my VAT Control but the system refused, I assume this is the master VAT ledger, so how do I record these and also the liability it will be VAT control - every payment I have made.

 

Thanks,

Andre

Solved
Best answer 10-05-2018

Accepted Solutions
QuickBooks Team

Re: VAT Annual Accounting Scheme - recording payments

Hello Andre,

 

Welcome back to Community.

 

I can certainly advise on how you could make this work with in QuickBooks Online. When it comes to recording the payment through the VAT section of QuickBooks Online I would advise waiting until the first VAT filing has been posted then record the payment against the VAT filing as only one can be recorded against the filing. You could record payments to a suspense account until you are ready to record the payment against the VAT period.

 

I would suggest running this by your accountant before recording in QuickBooks Online. 

 

 

 

View solution in original post

1 REPLY 1
QuickBooks Team

Re: VAT Annual Accounting Scheme - recording payments

Hello Andre,

 

Welcome back to Community.

 

I can certainly advise on how you could make this work with in QuickBooks Online. When it comes to recording the payment through the VAT section of QuickBooks Online I would advise waiting until the first VAT filing has been posted then record the payment against the VAT filing as only one can be recorded against the filing. You could record payments to a suspense account until you are ready to record the payment against the VAT period.

 

I would suggest running this by your accountant before recording in QuickBooks Online. 

 

 

 

View solution in original post