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Correct transactions included on a VAT return

Created on  | Last modified on 

Summary

How to correct transactions included on a VAT return in Accounting Start.

Description

To correct an error on your VAT return, you'll need to reverse the transaction. You'll then re-enter it with the updated details.

For transactions included on draft VAT returns, delete the draft. Once you've done this you can amend or delete the transaction.

Resolution

How this works

Once you include a transaction on a VAT return, you cannot delete or edit it.

Having an incorrect transaction can mean that:

  • Your bank account balance is not correct
  • The balance of your customer or supplier account is not correct
  • Your VAT return is not correct, and you may overpay or underpay VAT

To make the necessary adjustments, you must:

  1. Create a reverse or opposite transaction. This effectively cancels out the value of the incorrect transaction.
  2. Re-enter the transaction with the correct details, if required.

 NOTE: Any corrections that you make will appear when you create your next VAT return.  

Which transaction to use

  • Reverse money out with a refund for a purchase
  • Reverse money in with a refund for a sale
  • Reverse a customer receipt with a customer refund
  • Reverse a refund with a new customer receipt
  • Reverse a bank transfer with another opposite bank transfer