My system correctly accrues VAT into a Current Liabilities Account Called VAT Payable. How do I now correctly handle the actual payment of VAT to SARS.

dave68 · ‎September 26, 2019

I want to know how to enter a payment of VAT to SARS, correctly debiting the bank account and reducing the Current Liabilities VAT Payable account at the same time

Rustler · ‎September 26, 2019

When you make the payment, use that same liability account as the expense (reason) for the payment. That will lower the liability by the amount paid

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Rustler · ‎September 26, 2019

When you make the payment, use that same liability account as the expense (reason) for the payment. That will lower the liability by the amount paid

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My system correctly accrues VAT into a Current Liabilities Account Called VAT Payable. How do I now correctly handle the actual payment of VAT to SARS.

My system correctly accrues VAT into a Current Liabilities Account Called VAT Payable. How do I now correctly handle the actual payment of VAT to SARS.

My system correctly accrues VAT into a Current Liabilities Account Called VAT Payable. How do I now correctly handle the actual payment of VAT to SARS.