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Accounting Treatment for Vat Refund

Lisa2011 · 2023-11-29 10:55:03

I use Big Red Cloud where I work and we received a refund to purchases being greater than sales. I am aware you debit the bank and credit the vat control account but how do I go about doing that in big red cloud I have asked the Group financial controller but he wasn't very helpful.

29-11-2023 10:55am

#1

Lisa2011

Registered Users, Registered Users 2 Posts: 445 ✭✭

Join Date: July 2011

Posts: 398

I use Big Red Cloud where I work and we received a refund to purchases being greater than sales.
I am aware you debit the bank and credit the vat control account but how do I go about doing that in big red cloud
I have asked the Group financial controller but he wasn't very helpful.

0

Comments

#2 01-12-2023 9:40am

Bobby1984

Registered Users, Registered Users 2 Posts: 269 ✭✭

Join Date: September 2009

Posts: 251

Set up a customer account for Revenue and post the receipt to that account. Then do a debtor journal out to the vat control account.

0