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Dec 02, 2020 at 09:32 AM

VAT return postings - clearing input/output VAT accounts to a liability account

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Hi

How do you run the routine at quarter end to clear input and output VAT postings into the "207010 VAT Payable/Receivable to/from HMC&E" account to match against the subsequent payment (or sometimes refund)

I can't post a journal because the input and output VAT control accounts are (rightly) unable to to take manual journals posted directly to these control accounts, but most systems have a routine to do this each quarter end - I have searched but I cannot find anything

At the moment I have ever growing input and output accounts, and lots of bank payment posted to the 207010 account that don't reconcile (directly) to anything. You have to keep manually adding these cumulative payments to your input VAT and deducting from your cumulative output VAT and it is becoming most untidy and unwieldy to monitor, reconcile and keep in order

Any help appreciated

J Lloyd