another quick question RE VAT


K

kevin bailey

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
 
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P

Peter Saxton

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
Wrong way round.



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