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What journal to post for 'Postponed Import VAT'

Taking a systems agnostic approach

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I need to incorporate my first PIVA entry into my VAT return for March 2021.

I am proposing to post a credit to the usual balance sheet nominal for 'output VAT' and a corresponding debit to the balance sheet nominal for 'input vat'

Selecting, of course, a transaction type that ensures the amounts appear in the respective totals on the return.

Is that what others would / are doing?

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By Wanderer
21st Apr 2021 12:42

Yes, exactly.

I'm probabaly going to post one journal for each month, say 31 Jan, 28 Feb & 31 Mar so if / when the HMRC monthly online statements ever appear it will be easier to reconcile them.

Here's VT's take on it:-
https://www.vtsoftware.co.uk/transplushelp/purchase_of_goods_from_the_ec...

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By tom123
21st Apr 2021 12:53

Thanks,

I agree, one journal per month would be good.

Shame my government reports for Jan and Feb are duplicating each other :)

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By Howard Walters
26th Apr 2021 11:34

Yes, same here. Jan contained Feb entries - as did Feb of course.

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A Putey FACA
By Arthur Putey
26th Apr 2021 12:51

The postponed VAT is a VAT only transaction, the net having been accounted for separately. But to get it onto the VAT return, you also need to consider what tax code(s) also need to be used in conjunction with the ledger account. And how you do that depends on what system you are using.

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