How do I record a VAT refund?

19 replies
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I overpaid VAT and they refunded me. How do I record that? Thanks

QuickBooks Desktop

GracemanAnswer

Desktop handles this neatly by creating a receivables account for your vat agency in the customer list, once a refund is filed.

Open this up and the transaction posted there by the file vat process can be selected to receive payment just like any customer and then you can choose where its deposited to.

GracemanAnswer

Desktop handles this neatly by creating a receivables account for your vat agency in the customer list, once a refund is filed.

Open this up and the transaction posted there by the file vat process can be selected to receive payment just like any customer and then you can choose where its deposited to.

nunhead_man

When you say "VAT agency" what exactly do you mean?

We have VAT refund in the last quarter, and it is currently sitting on the bank account as a deposit to the VAT control account

TIA

Andy

HoneyLynn_G

Level 6

Hello there, @nunhead_man.

You'll set up the VAT agencies as vendor in your QuickBooks. When recording VAT returns, you have to tag or account it to the corresponding agency (vendor).

For future help with VAT concern, you can refer to this link: QuickBooks Desktop VAT e-filing & Making Tax Digital.

Let me know if you have other questions with VAT by commenting below. I'm still here to help you more.

lindak1119Author

Level 7

Hi Rob,

You can record it via make deposit option using Accounts Payable and account it to your VAT agency.

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