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RachelatWindmill


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nominal code for VAT refund
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Just wondering what nominal code I should use when entering a bank payment on sage for a VAT refund from HMRC?
Thanks

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gbm


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Hi Rachel,

Would put it against the same code as VAT payments, 2202.

HTH

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RachelatWindmill


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Thank you!

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Telnkate


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can I just check though - I've put a similar transaction in 2202 but it's coming up as a credit to the account rather than a debit - it's not a liability, it's a refund on a liability - can you help me be less confused on this anyone?

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Ask Andrina


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Hi

 

It all depends on whether you have used the vat transfer wizard or not?



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ADAS


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Telnkate wrote:

can I just check though - I've put a similar transaction in 2202 but it's coming up as a credit to the account rather than a debit - it's not a liability, it's a refund on a liability - can you help me be less confused on this anyone?

 Hi Teinkate.

Cr entries are also a reduction in Assets, Losses and Expenses.

In your example the double entry is

Dr Bank (being an increase in the asset of cash)

Cr Vat Recoverable (being a reduction in the asset of Vat Debtor because HMRC owed a refund)

hth



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Tony

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