dealing with a VAT repayment from revenue

Sevenspeed

What accounts do you post to when the revenue send you a VAT repayment?
Would I be correct in saying its:
Debit Bank a/c
Credit Vat control a/c??

J.Ryan

Short answer


yes

Sevenspeed

Thanks for the answer.

One more question, I'm using Tas, and when I am entering the payment type, for the vast amount of entries I would use "Non VAT Journal".
There is an option for "VAT Payment" - would I select this if it was a VAT payment to the revenue?

J.Ryan

No, you would enter a refund as a receipt and use the VAT refund option


Opps, that will teach me to read the question


Yes you would

hinault

Sevenspeed wrote: »

Thanks for the answer.

One more question, I'm using Tas, and when I am entering the payment type, for the vast amount of entries I would use "Non VAT Journal".
There is an option for "VAT Payment" - would I select this if it was a VAT payment to the revenue?

In TAS, if you're posting the VAT refund transaction go to bank option, select money-in option and then select VAT refund option.
Tas will post the refund to the VAT control a/c and bank account.

If you're post a VAT payments transaction go to the bank option, select money-out option and then select VAT payment option.
Tas will post the payments to the VAT control a/c and the bank account.

Sevenspeed

hinault wrote: »

If you're post a VAT payments transaction go to the bank option, select money-out option and then select VAT payment option.
Tas will post the payments to the VAT control a/c and the bank account.

Thanks, I am using Tas Books. Ver 1.
I can't see that option. What is the menu sequence (eg. 4-2-2)?

J.Ryan

Sevenspeed wrote: »

Thanks, I am using Tas Books. Ver 1.
I can't see that option. What is the menu sequence (eg. 4-2-2)?

yes

hinault

Sevenspeed wrote: »

Thanks, I am using Tas Books. Ver 1.
I can't see that option. What is the menu sequence (eg. 4-2-2)?

I'm using TAS Basics at present.

Which has a different menu sequence to Tas books version 1.

From memory 4-2-5 is the option in Tas books version 1.

Sevenspeed

Thanks guys,
there is no 4-2-5 option,
or if you go 4-2-2, there is no option to go to a 'bank option' then 'money in' option, so I reckon the way forward is to go 4-2-2, then type is 'non vat journal' and just debit bank, and credit vat control account.
think I will do this in the morning unless anyone thinks otherwise?
thanks for the help

J.Ryan

4-2-2 Transaction type Vat Payment

or for a refund

4-2-1 Transaction type Vat Receipt

Sevenspeed

Brilliant!
just the info I needed