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Post Info TOPIC: VAT return
beckyboo


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VAT return
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Hi Everyone,

On my bank statement there is a payment to HMRC for a VAT retrun. What nominal code should this be posted to and does it go under T9? Do i put it to the bank payment option in sage?

Proberly a silly question but just a little unsure.

Thanks
no


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Marky65


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Hi Becky

I normally post the VAT payment (or receipt) to 2202 on code T9. Yes I also enter it as a bank payment.

Not a silly question, it is better to make sure

Regards

Mark

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Accountancy Services Plymouth, Bookkeeping Payroll Sage Training

 
beckyboo


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Thanks Mark. Thats the second time youve helped me out today- your a good man thank you biggrin

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Stardoe


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Hi Becky,

If you have run the VAT transfer wizard, there should be a credit amount in your VAT Liability account - 2202. This will then be cleared to zero when you post your bank payment.

Hope this adds to Mark's post smile.gif

Pauline

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Pauline
beckyboo


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Thanks Pauline : )biggrin

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Donna CBK


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Hello - if you have latest version of Sage you will note in your Manage VAT section the VAT Return there is a paid column. This will have N under until you have entered the payment. Highlight the VAT return you are paying/receiving refund for and press payment button - it will open up as a bank account. Tax code is T9 as nothing to be declared on return.


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