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VAT Journals/clearing down the VAT nominals

I need to adjust my VAT figures Need to add the scale charge adjustment for the VAT return VAT journal to clear down my VAT nominals

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Written by Valeriu Holtea
Updated over 6 months ago

To amend the figures on a VAT return a VAT Journal is the only thing that will effect the balances you can't post a normal journal.
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This is done by the below steps:

  1. From the Accounts Desktop go into the VAT tab.

  2. Select VAT journals.

  3. Select either a Standard Transaction (If any have been used) from your drop down or input the new details.

  4. You need to pick which Type it is either Input or Output VAT.

  5. Put the Nominal required for the other side of the entry.

  6. Put the Value in the Credit or Debit side which one is needed for the transaction.

  7. The value you put in will be for the other nominal not the VAT nominal this will automatically fill in for the other way.

  8. If you are reducing the Output VAT it is a debit in the VAT nominal, Increasing is a credit.

  9. If you are reducing the Input VAT it is a credit, Increasing a debit.

  10. You can also add a Net value if needed to take down the Purchases or Sales Net figure.

  11. Then select OK or OK/Next if you have more than one to do.

NB
If you need to reverse a VAT journal you won't be able to do this via the reversal function, you will have to do an opposite entry posting.
If you are wanting to clear down the Input and Output nominals this needs to be done as a normal Journal posting via the Journal tab as you don't want to affect the VAT return with the figures you are posting.

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