Record a net amount due from HMRC

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Overview

To record the net repayment due from HMRC, both the output and input VAT must be entered so that the VAT Control account is correctly updated.  Therefore, as this will be a net repayment, we need to create an account receivable entry.

Record a net amount due from HMRC

1.    Select Transactions > New Credit Sale/Asset Realisation as shown in the previous section.

2.    Post the ‘VAT due on sales’ amount as a debit and the ‘VAT reclaimed’ as a receipt:

File:test/insolvency/150_13+VAT+Wizard/060_Record+a+net+amount+due+from+HMRC/VATNetDue.png

The Net VAT should equal the total on this screen.

3.    Once the repayment has been received from HMRC, you could Receive Debtor Payment as shown in the previous section.

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