VAT payment / receipt, journal needed?

Good evening,

When I submit a VAT return, do I need to create a journal to 'tell' the software that it is a liability / payment due? Or does the software do this automatically for me? I've looked at the nominal activity and all seems correct but I've submitted 3 VAT returns so far but just posted the outgoing /incoming  money to the relevant ledger from the bank feed. So I need to do anything else at all please?

Thank you

  • 0

    Hello,

    Thanks for using Sage City.

    When you create a vat return it will automatically create the vat liability and when you record the payment through the vat return it will clear this down. If you do this as well as posting it through the bank feed you could potentially get a duplicate. Do your vat returns show as unpaid when you go into your list?

    Kind Regards

    Richard

  • 0 in reply to Richard Lognonne

    Hi Richard

    They are all marked as paid and everything looks as it should but I have been posting from the bank too. When you say recording the payment through the VAT return, Im unsure on how I would do this, I've thought that because I've posted from the bank that it has recognised this and updated accordingly?

    How can I ensure everything is actually as it should be please?

    Thank you very much

    Gemma

  • 0 in reply to Gemma.

    Hello,

    Apologies for delay in getting back to you. When you run a return and you go to your vat return list it will show as unpaid. If you click on the return you can record a payment in the return to mark this as being paid off and to clear the liability. When you have been posting it through the bank feed were you matching this off against the return? it sounds like you have done everything fine. I would maybe go into banking>select the bank account and just check the activty and make sure you dont have 2 vat payments showing on the same day.

    KInd Regards

    Richard

  • 0 in reply to Richard Lognonne

    I am sorry I've taken so long to get back. I just wanted to thank you for your help.

    Gemma