Purpose: To distinguish from all other payments so that the amount is not included in the VAT Return.
If you are V.A.T. registered and, for your V.A.T. reporting period, the amount of V.A.T. you have charged on your sales exceeds the amount of V.A.T. you have paid on your purchases, then you will need to pay the difference of V.A.T. for that V.A.T. reporting period.
On the main menu click Daybooks > Cash Book > Payments > V.A.T. Payment.
Process payment – see below
Click OK to update.
Payment should equal the V.A.T. amount on the latest VAT return and reconcilable to the balance in the nominal ledger to the end of the period to which the VAT return relates – see FAQ – How Do I Reconcile My VAT Return?
As required – see List Cash Book Transactions
File any supporting documents with V.A.T. records.
- Date: Either: manual entry formatted as DD/MM/YY. Type over the parts of the date you wish to change – the system will skip over the “/” part itself. If the date you enter is invalid; the cursor will return to the start of the date and await a valid entry, or; click on the field to highlight data – white on a blue background – then right click to open the Calendar Menu – see Dates and Calendar.
- Bank: Important! – Select the Bank Account from which the amount was paid.
- Click OK to post to ledger or Cancel to abandon.