| | Description | When you submit a VAT return, the values transfer to the VAT Liability ledger. This shows how much you owe or can reclaim from HMRC. Once fully paid, the VAT liability balance is zero. View the transaction in your bank activity under Banking. |
| Resolution | Process your VAT payment Select an option below to learn more about recording your VAT payment. Record VAT payment from the VAT Return >
- From Reporting, select VAT Returns.
- Choose the VAT Return you want to pay.
- Select Pay, then enter the amount, date, and the bank account you paid from.
- Select Save.
Once saved, the VAT Return shows as Paid. If you didn’t pay the full amount, it shows as Part-paid. We also update the VAT liability ledger account. If you pay the amount in full, the balance will be zero. If you've connected your bank to a bank feed, it's likely that your VAT payment will show in your incoming transactions. We recommend that you: - Follow the steps above to record your payment from the VAT Return.
- Match your incoming payment to the payment already created from the VAT Return.
Match the payment from your bank feed- From Banking, open the relevant bank account.
- Select the Transactions link to find transactions downloaded from your bank.
- Find the VAT payment.
- Choose Match. Select the VAT payment you entered above. The type shows as VAT Payment.
- Select Match.
You’ve successfully matched your VAT payment or refund. This explains how to record a VAT payment to HMRC when you don't have the corresponding VAT return in Sage Accounting. To do this, enter an Other Payment and choose the VAT liability ledger account. Make the VAT liability ledger account visibleBefore you start, make sure you can select the VAT Liability ledger account on Other Payments. - From Settings, choose Business Settings.
- From the Financial Settings section, choose Chart of Accounts.
- Select the row for the VAT liability ledger account.
- From the Visibility section, make sure you've selected Other Payment.
- Save.
Record the VAT payment- From Banking, open the relevant Bank Account.
- Choose New Entry, then Purchase/Payment. Select Other Payment tab.
- Enter the date and amount for the VAT payment.
- From the ledger account drop-down, choose the VAT Liability ledger account.
- Select Save.
Record VAT refundsNeed to record a VAT refund? See our Record VAT refunds article. [BCB:306:UKI - Search override - Accounting UK / IE:ECB][BCB:276:UKI - hide back button:ECB][BCB:299:UKI - Personal content block - Dane:ECB] |
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