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A VAT return (03 11) was made by my accountant, in my current financial year, just before I started using FA.
I posted a journal to 817 VAT for £1168.24 to reflect this VAT return. However, do I need to post another journal? As £1168.25 is showing in 999 Suspense Account, or is this normal?
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Following on from that question. What account should interest that has accrued on any overdue VAT and Corporation payments be posted to?
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Hi Kevin,
Thanks for contacting us.
This VAT amount should be added as an opening balance and not as a journal.
If you open the journal and delete it, then enter the opening balance through the Trial Balance part of the program.
This is how to enter opening balances; http://www.freeagent.com/support/kb/g...
Any money owed in respect of these balances should be treated like so; http://www.freeagent.com/support/kb/g...
Does this help please?
Kind regards
Charissa -
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If the journal is in a VAT locked period, how do I remove the journal?
How do I deal with VAT surcharges? -
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Hi Kevin,
We can help you with the VAT journal in the locked VAT period however you would be best to email support@freeagent.com to arrange this.
I hope this helps
Kind regards,
Charissa -
EMPLOYEE
