How to process a VAT refund and give a credit note to user#

This is acheived by creating a journal entry.#

  • Create report for customer to find out how much VAT has been paid for the period.
  • Goto customers, select Create credit memo
  • Select name of customer
  • In the Item column, Select Add New
  • Type "service", "Vat" add no VAT code, which account - "expense account" new expense account "VAT Only"
Rate - 730 create credit memo

make journal entry

account - vat control

debit - type in amount

2nd line - choose same expense account as credit memo

new line

"accounts receivabvle"

credit - add amount

name - paymaker

choose "output = sale" radio

  • Goto company, make journal entry.
  • Window pops up.
  • Goto column called "account".
  • Select VAT control
  • Type in amont refunded under debit.
  • In memo, type a reason why this has occured. e.g. "Accidently charging customer"
  • Select expense account. select add new account if account called "VAT adjustment" doesnt already exist.
  • In next line, Select "accounts receivable" - this automatically create "credit memo".
  • In name column select the correct "customer name".
  • The Credit amount will automatically appear.
  • Save and close - This Automatically reduces VAT liability for this quarter by the amount.
  • Fill out form from HMCE website to specify reason why liability is reduced for this quarter.

Back to Quickbooks

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