FrontAccounting forum — VAT refund counted in VAT report

Re: VAT refund counted in VAT report

2011-12-21T13:16:51Z

I am not sure, please consult a local accountant.

/Joe

Re: VAT refund counted in VAT report

2011-12-21T12:37:30Z

Ok, so it seems I have done stuff wrong, as the wik said I shouldn't pay against the VAT account but used an 'accrued' one.
There is a Accruals account on the UK C.O.A is that the one to use or should I create one ?
(I know that' s an accounting question, so does someone from the UK knows the answer?)

/Elax

Re: VAT refund counted in VAT report

2011-12-20T10:55:14Z

I didn't read the last bit, which seems to answer my problem. I'll have a proper look it.
Thanks

Re: VAT refund counted in VAT report

2011-12-19T22:36:17Z

Did you follow the instructions given in the Wiki, https://frontaccounting.com/fawiki ?
Here is an instruction on how to use the Tax system.

/Joe

VAT refund counted in VAT report

2011-12-19T15:47:31Z

I've just launched an VAT report (because my VAT return is due soon). And it appears that the VAT refund from the last period appears in the VAT report as a normal VATed transaction.

Basically I had a refund of 4 pounds, I entered it as Bank deposit and crediting the 20% VAT account (so at the end the balance on the VAT account is null). However now, there is a transaction with a Net amount of 20 corresponding to those 4 pounds refund.

Did I do something wrong or is this a bug somewhere in FA ?

Many thanks
/Elax