Recording a VAT refund from HMRC

Please note that this process is also covered by the Easy Steps component.

Select the component, either by clicking on the Transfer Transactions icon, or by choosing General > Transfer Transactions from the main menu.

There are four fields which MUST be completed for the transaction itself to be considered complete by the software: Tax Date, From Account, To Account and Total Amount. There are further fields which can be filled in to embellish the transaction with extra information, such as Supplier, Reference.

Next, click the Accounting Software button add Create a new transaction button in the top toolbar. This adds a new transaction line to the table.

Enter the date in the Tax Date field. As you start typing, a pop-up calendar will appear. You can either click on the required date, or type it in manually. The software will recognise most date dividers, such as full stops, slashes, etc.

The From account will be VAT Control. The To account will be wherever HMRC are paying the refund to (eg. your Bank).