Recording a Vat Reclaim Payment? | AccountingWEB

Recording a Vat Reclaim Payment?


I submitted a VAT reclaim and it has been paid into our bank account.

I don't know how to 'pay' a reclaim using the Manage Vat screen.

I have clicked the Vat transfer button and carried out that procedure, but when I click on the Payment button I am presented with the following message:

"This option cannot be used because the selected Vat return is for a refund."

I could receive the funds using the Bank module and nominal code 2202, but I'm not sure if this would flag the Vat return as paid in the Manage Vat screen.

There is a button titled 'Rev Charge' in the Manage Vat screen but I don't want to click it as I don't know what it does.

Any help appreciated.



Sage Accounts Professional 2010

Sage Version



Witch-Queen's picture

Re: Recording a Vat Reclaim Payment?    1 thanks

Witch-Queen | | Permalink

You are correct that you should post this as a Bank Receipt to nominal 2202

As it is a repayment, there is no VAT payable, therefore the Paid flag is redundant.

Rev Charge is for recording reverse charges of fuel

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