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 ? Thanks.