VAT posting from prior year
QuickBooks UK : Pro 2012I am using quickbooks for the first time and have a VAT payment from prior year, should i post this an an expense for this year
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01/30/12 8:09am PST
Viewed by asker 02/01/12 2:40am PST
Viewed by asker 02/01/12 2:40am PST
4 Replies
Graceman
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Advisory council of community power users within the UK.
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Intuit Moderator
Mod/Co-mod
01/30/12 9:11am PST
If you are using Qb for first time then you will need to file vat in QB, explain a bit more about the past year Vat so we can best advise its handling.
Like for what period or if its a payment you have made that you need to show in bank for reconcile purposes. Each has a different treatment. or is it opening balance for the vat account itself?
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01/30/12 10:26am PST
I have filed the vat return with HMRC for Sep-Oct 2011 and the payment is due in Jan 2012, however i have only just set up quickbooks for the first time with data published from Dec 2011 onwards. The VAT payment as such is from a prior year and i am not sure what to post it against, should i have a VAT liability set up in QB if so then sure how to do it
Graceman
Questions asked: 64
Questions answered: 12377
Points earned: 24350
Questions answered: 12377
Points earned: 24350
AllStar UK
Advisory council of community power users within the UK.
Allstar
Advisory council of community power users.
Intuit Moderator
Mod/Co-mod
01/30/12 11:16am PST
When you turn onVat in QB teh vat liability account wil be creeated for you.
If this is part of the data take on then write cheque to HMRC for the payment but it has to be dated for last day of last vat period. Posted to Opening balance equity account in expenses column. Now cheque will be available to reconcile in bank account.
If this post was helpful or answers your question, please either mark the answer as Helpful or Solved. This will then close your topic). Otherwise, let us know if you have more questions.
