Reallocation from Opening Balance and VAT adjustment account


I passed a year end VAT adjustment journal as the shareholder paid for the VAT in their personal capacity

The entry went against the "Opening Balance and VAT adjustment" account

I now need to reallocate this to their loan account

PS this has not affected any opening balance

Please advise

  • Good day, Peter,

    You need to process two transactions in the bank. One must be Spent and the other Received.

    On the first entry select the Loan account. No Vat on the vat column. Type in the amount. The second line will go to VAT. See the attached below. Then they remove/delete the VAT adjustment.


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