Recording VAT Refund

Forum Categories VAT ADMINISTRATION ISSUES Recording VAT Refund

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    I’ve started a new Quickbooks file as the previous one was getting unwieldy.  My FY and VAT year start on 1st November.
    I’ve recorded outstanding invoices, bills and payments from the previous year.
    I’m on annual accounting and received a VAT refund for the pervious year in mid November.  I’ve entered it in the VAT Liabilities account because it needs to show as a deposit to my bank account but the liability account is now greater by that amount.
    How do I offset it please ?


    if you had a refund then the VAT control account should have had a debit opening balance. On receipt of the cash Dr Cash and Cr VAT control acount. 


    Thank you.

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