January Top Tip for Liquid Accounts users
How to put the VAT Return payment onto Liquid
Once you’ve quickly and easily created your VAT return on Liquid and have paid your bill or received a payment from HMRC, you’ll need to record the transaction in your accounts (i.e. it isn’t done automatically for you by the system when you generate you VAT Return). You do this via the Batch option under the Banking tab.
Simply click on the Banking tab and then click Batch.
For a VAT Payment
Select ‘Bank Payment’ from the drop down box, fill in the date and select the bank account that you used to pay your bill from the option in the Bank field.
Enter any reference and detail and the amount you have paid into the Gross field.
Because this is a VAT payment you will need to select ‘NA’ (not applicable) in the VC (VAT Code) field (otherwise you will be paying VAT on your VAT!) and choose/type ‘VAT control account’ for the Nominal Code.
Click Save and Post and you should see the amount in your bank statement on Liquid.
For a VAT Refund
If the HMRC owes you money, simply select ‘Bank Receipt’ and follow the instructions above.