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admin427
Level 1
posted
a week ago
last updated ‎November 03, 2025 7:42 PM

Question from a charity in Ireland - how can I record a VAT refund when it has offset our monthly P30 payment to Revenue?

I.e. instead of two separate transactions - a credit to our account for the VAT refund and a debit to our account for the P30 payment, we instead have one transaction that has already offset the VAT refund credit against the full P30 amount debit, and I can't figure out how to indicate this in QuickBooks online.
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3 Comments 3
Lyn_D
QuickBooks Team
QuickBooks Team
a week ago

Question from a charity in Ireland - how can I record a VAT refund when it has offset our monthly P30 payment to Revenue?

We can use the expense entry, @admin427.

 

Before we begin, can you clarify what transaction was posted in your bank statement? Is this the remaining P30 payment from the P30 liability after accounting for the VAT refund?

 

In QuickBooks Online (QBO), even though you have a single offset transaction in your bank, we still need to create a corresponding record to handle the VAT refund. Here's how to enter this transaction using the Expense feature:

 

  1. Go to +New and select Expense.
  2. In the first line, enter the P30 Liability.
  3. Then, in the second line is the VAT refund with a negative amount. 
    Note: figures shown in the screenshot are just an example.


     
  4. Click Save and close.

 

This process allows us to record the P30 payment and the VAT refund to match the physical bank transaction.

 

To learn more about handling the VAT refunds, check out the article: Record a VAT payment or refund.

 

I'll keep an eye on your response. Please don't hesitate to get back on this thread.

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admin427
Level 1
a week ago

Question from a charity in Ireland - how can I record a VAT refund when it has offset our monthly P30 payment to Revenue?

That's great, thanks so much. Will that automatically sync with our VAT capability on Quickbooks online, when I mark a VAT filing as 'returned'?

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Aldren18
QuickBooks Team
QuickBooks Team
a week ago

Question from a charity in Ireland - how can I record a VAT refund when it has offset our monthly P30 payment to Revenue?

Let me clarify further, Admin427.

 

The steps outlined above provide a quick method for recording a single offset transaction. However, following the VAT workflow in QuickBooks Online is essential for ensuring accurate tracking and alignment of VAT refunds and P30 payments with your reporting and filing requirements.

 

It is also important to consult a qualified accountant or tax advisor to ensure that your VAT transactions are accurately recorded and filed in compliance with local tax regulations.

 

Please feel free to revisit this thread with any updates or further questions.

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