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Post Info TOPIC: VAT Refund - into what account?
Jon12345


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VAT Refund - into what account?
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I changed accounting packages on 30/11/14, from Quickbooks to Xero. For my VAT period ending 30/11/14, I got a VAT refund of £289 in 13/1/15 that went into my HSBC bank account.

Couple of questions please!

1. Does that mean my opening balance on my VAT nominal ledger should be -£289?

2. What nominal code does my VAT refund use? Is it the VAT nominal ledger?

Currency, I put it as going into the VAT nominal ledger. But I am worried its wrong and so will end up losing £289!

Not 100% sure I am using the correct terminology calling it a VAT nominal ledger!

Thanks,

Jon

 



-- Edited by Jon12345 on Friday 3rd of April 2015 01:36:17 PM

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leshoward


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Your opening balance is -£289. So the later receipt of the repayment is entered in the VAT Control Account (nominal ledger), so as to zero that account.

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