VAT Payments
VAT payments and reclaims can now be recorded in Zoho Books as soon as you file your VAT returns.
Recording VAT Payment and VAT Reclaim
The complete VAT return report generated from VAT return module under Reports > Taxes will be helpful during your VAT return filing. The report will be in accordance with your VAT accounting period and the transactions recorded in Zoho Books. Once you file your VAT return to HMRC, you can mark the generated VAT return report as filed. After you’ve paid the VAT amount to the HMRC, record the VAT paid in Zoho Books. Also record the VAT amount reclaimed from HMRC.
- Go to Accountant tab.
- Select VAT Payments and a list of VAT payments and reclaims if any will be shown according to your VAT return period under the VAT Payment Dues tab.
- This list will be generated as soon as you record filing of your VAT return in the VAT Returns module under Reports.
To Record VAT Payment
- Click on the Record Payment button placed next to a payment which has to be recorded.
In the next window,
- Account: Select the bank account configured in Zoho Books from the drop down through which you have paid the VAT amount.
- Amount Paid: Enter the total amount that you have to paid to HMRC. If you are settling your VAT due by partial payments, record the amount that you have paid partially. Remaining amount can be recorded when you pay them.
- Enter the Payment Date and enter a reference number and description if necessary.
- Click on Save.
To Record VAT Reclaim
- Click on Record Claim button placed next to a claim which has to be recorded.
In the next window,
- Account: Select the bank account configured in Zoho Books from the drop down.
- The Amount Reclaimed tab here shows the amount you have reclaimed from HMRC. The reclaim amount is a one time payment made by HMRC.
- Enter the Payment Date on which the money was transferred to you by the HMRC. Also enter a reference number and description if necessary.
- Click on Save.
All the VAT Payments or Reclaims that you record will be displayed in the Payment History. You can delete/edit your records in the payments history tab to record it again with modifications if any.
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