another quick question RE VAT

Discussion in 'UK Accountancy' started by kevin bailey, Jul 8, 2003.

  1. kevin bailey

    kevin bailey Guest

    hi there,

    my first VAT return as well - i am using sql-ledger for accounts so i have
    been able to work out the difference between tax collected and tax paid.
    so i now owe the VATMAN some money.

    the accounts are made up of a general ledger linked to an accounts payable
    and accounts receivable.

    how do i enter the payment i make to the VATMAN - is it an entry in the
    general ledger - i.e. crediting the VAT account and debiting the cheque
    account?

    thanks,

    kevin bailey
     
    kevin bailey, Jul 8, 2003
    #1
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  2. kevin bailey

    Peter Saxton Guest

    Wrong way round.



     
    Peter Saxton, Jul 29, 2003
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