Loading Profile...
'VAT refund' from HMRC displays as a Liability and increases 'Balance Due to HMRC' figure
'VAT refund' from HMRC displays as a Liability and increases 'Balance Due to HMRC' figure on VAT info. How can I fix this?
1
person has this problem
I have this problem, too!
Tell me when someone solves it.
The more people who report this problem, the more it gets noticed.
The more people who report this problem, the more it gets noticed.
The company thinks this is not a problem.
-
Inappropriate?jammers,
That's not right. Sorry.
Could you send me your account name (the 'bloggs' in bloggs.freeagentcentral.com) and we'll take a look? ed at freeagentcentral dot com -
Inappropriate?jammers,
Thinking about this a little more closely, I think you're seeing the correct behaviour.
If your VAT Return itself resulted in a refund being due, it would show as a negative number in the Balance Due column: they owe you money.
When they actually refund the money into your bank account, and you explain it as a VAT Refund, it should indeed increase the Balance Due value back to zero.
I agree it's a bit confusing having the Liability and Payment columns labelled as such. We might just remove those labels altogether, since it's clear from the effect on the Balance Due what has gone on... -
Inappropriate?Thanks for the reply,
At the moment, with the explanation as a VAT refund, the figure isn't coming from a negative to a zero, its going from £0.00 to a positive figure. But could it be something to do with the timing of my switch to freeagentcentral? I didn't move legacy accounting across because they were all in quickbooks, is there anywhere i can set a VAT opening balance? -
Inappropriate?Found that in the opening balances settings.
All sorted numerically anyway now.
Thanks
EMPLOYEE
